BY ADEYEMI ROBINSON-ADEFIOYE
GOVERNOR KAYODE FAYEMI has presented the 2020 Appropriation bill of N124, 724,869,355.95k to the State House of Assembly.
The budget which is christened ‘Budget of Deliverables’ has N53,538,093,806.59k representing 43% as capital expenditure while the recurrent expenditure is N71,186,775,549.36k representing 57% of the total budget estimate.
Agriculture and Rural Development with N3, 677,992,233.29 (3%);
Knowledge Economy N24, 704,934,736.29 (20%);
Social Investments N11, 188,372,994.37 (9%);
Infrastructure and Industrial Development N39, 728,043,550.73 (32%);
Governance got N45, 425,522,841.27 (36%).
The budget was tailored after GOVERNOR FAYEMI administration’s 5-pillar agenda for development which is aimed at enhancing good governance and speedy economic transformation of the State.
The Governor said his administration has not wavered from its determination to revamp the socio-economic environment through “distinctive measures and approaches which are conceptualized and aligned with the fiscal framework of the State”.
GOVERNOR FAYEMI said the State budget system has been upgraded to conform with the global standard as the document transited from cash based budgeting to INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARD (IPSAS).
