Ayodele Fayose, governor of Ekiti, has described the financial bailout given to Ekiti State, among other benefiting state, as “fiscal entrapments (Sic)”.
The governor made the statement on Tuesday during the presentation of N93,456,399,143.40 2017 (budget) Appropriation Bill, titled ‘BUDGET OF CONSOLIDATION AND HIGHER HEIGHTS’ to the state House of Assembly.
“We all know that the dwindling revenue from the Federation Account coupled with the fiscal entrapments of the Federal Government disguised as bail outs, had adversely affected the state. Unfortunately, our Internally Generated Revenue (IGR) base continued to be a challenge”, Fayose stated.
Fayose said the budget, comprising N55,028,891,248.80 recurrent expenditure and N38,427,505,894.60 capital cost, “represents a landmark … aimed at consolidating our achievement so far in the last two years”.
In the expenditure layout, the governor said Personnel Cost will guzzle NI6,566,429,583.84; Other Charges, N2,587,000,158.79; Recurrent Grants to Tertiary Institutions, N8,965,659,199,02; Transfer to other Funds, N9,224,366,722.28 and Consolidated Revenue Fund Charges, N17,685,405,534,97.
Moreover, the Capital Expenditure has as follows: Economic Sector N13,596,530,880.00; N17,983,234,093.33; Social Sector N857,981,183.09 7, Environmental N745,557,656.99; N1,585,000,000.00; Administrative Sector N4,075,263,220.73 11; and, TOF Capital 3,077,728,946.00.