EKITI STATE EXECUTIVE COUNCIL APPROVED PRESENTATION OF SUPPLEMENTARY MTEF 2024-2026 DOCUMENT TO THE STATE HOUSE OF ASSEMBLY FOR LEGISLATIVE PROCESSING, PASSAGE INTO LAW.
The Ekiti State Executive Council approved presentation of the Ekiti Supplementary Medium Term Expenditure Framework (MTEF) 2025-2027 document to the State House of Assembly for legislative processing and subsequent passage into law.
This review is necessitated by the volatility in the national and global economic indices, increased revenue from the Federation Account and the need to accommodate new programmes and projects of government in compliance with Part 2, Section 13, Sub-section 1 of Ekiti State Fiscal Responsibility (First Amendment) Law, 2020. The fiscal document which is ordinarily prepared annually, is made up of Medium Term Sectoral Strategy (MTSS) and Multi-Year Budget Framework (MYBF).
The contents of the documents have also been aligned with the State Development Plan (EKSDP) 2021-2050 and took into consideration, the prevailing global macro-economic indices as they affect Nigeria and Ekiti State in particular. The Parameters, Assumptions and Indicators (PAIs) considered include global oil price, exchange rate of Naira to Dollar, inflation rate and the effect of fuel subsidy removal. Considering the Parameters, Assumptions and Indicators, the revenue projections for the period 2025-2027 are as follow:
SUPPLEMENTARY MTEF 2025-2027 PROJECTED REVENUE
| YEAR
2024 (Base Year) |
RECURRENT REVENUE | CAPITAL RECEIPT | TOTAL REVENUE PROJECTIONS |
| 2024 (Base Year) | 258,137,042.288.00 | 162,092,338,368.00 | 420,229,380,656.00 |
| 2025 | 271,137,042.288.00 | 179,093,654,634.00 | 450,182,344,696.00 |
| 2026 | 281,689,031,815.00 | 170,693,654,635.00 | 452,382,686,450.00 |
| 2027 | 292,366,415,968.00 | 162,693,654,635.00 | 455,060,070,603.00 |
While the Expenditure projections for the periods are as follow:
| YEAR
|
RECURRENT REVENUE | CAPITAL RECEIPT | TOTAL REVENUE PROJECTIONS |
| 2024 (Base Year) | 243,795,054,567.00 | 170,434,326,089.00 | 414,229,380,656.00 |
| 2025 | 250,741,199.280.00 | 193,441,145,416.00 | 444,182,344,696.00 |
| 2026 | 256,565,708,967.00 | 189,816,977,483.00 | 446,382,686,450.00 |
| 2027 | 261,924,837,897.00 | 187,135,232,706.00 | 449,060,070,603.00 |
SEC APPROVED PRESENTATION OF PROPOSED 2025 BUDGET TO THE STATE HOUSE OF ASSEMBLY FOR LEGISLATIVE PROCESSING.
The State Executive Council also approved the presentation of the proposed 2025 Budget to the Ekiti State House of Assembly for legislative processing.
The proposed 2025 Budget Recurrent/Capital ratio of 51:49 which meets the requirement of the Fiscal Sustainability Plan (FSP).
The proposed Budget was prepared in line with Section 121(1) of the 1999 Constitution of the Federal Republic of Nigeria (as amended, 2011) and consists of the expected Receipts and planned Expenditure of Government for 2025.
The Budget was drawn up to contain programmes and projects consistent with the Six Pillars of the present Administration after due consultation with relevant stakeholders as well as Government’s Ministries, Departments and Agencies (MDAs).
Signed
Rt. Hon. Taiwo Olatunbosun
Commissioner for Information
Last modified: October 26, 2024
