In a press announcement, the Ekiti State Government revealed its ambitious plan to allocate N600 million for power interventions in the upcoming year, as outlined by the Commissioner for Budget and Economic Planning, Niyi Adebayo. The disclosure occurred during the presentation of the N159.5 billion budget, aptly named the “Budget of Sustainable Growth and Development” for the 2024 fiscal period, in Ado-Ekiti.
Commissioner Adebayo broke down the allocation, specifying N300 million designated for the acquisition and installation of transformers aimed at alleviating strain on existing power substations within the state. Additionally, N150 million was earmarked for the rural electrification of Igede Farm Settlement and Oye Local Government Area, while another N150 million is slated for the extension of the operational Independent Power Project.
Highlighting Governor Biodun Oyebanji’s commitment to bolstering the power sector for enhanced electricity supply and economic growth, Adebayo emphasized the pivotal role of power in fostering growth industries and supporting small and medium enterprises.
Beyond the power sector, Adebayo outlined various allocations within the 2024 budget. These include provisions for a flyover construction from Ijigbo to Okeyinmi, the reconstruction of the Ikere-Igbara Odo Road, and the construction of the 9.2 km Atlas-Ajebamidele-Deeper Life-Alasia-Sheperd-Omisamjana Road. Other notable provisions encompass the rehabilitation of Ado-Ifaki Road, renovation of public schools, and the construction of perimeter fencing at Government Technical Colleges in Otun, Igbara Odo, and Ijero.
Furthermore, Adebayo detailed provisions for the completion of a new Governor and Deputy Governor’s Lodge in Asokoro, Abuja, along with the acquisition of office furniture and equipment for MDAs to enhance service delivery. He disclosed that 40 per cent of the total budget is allocated for infrastructure and industrial development, with an additional 13 per cent earmarked for youth development and job creation.
In terms of revenue projections, Adebayo outlined an expected N53.6 billion from the federation account, N28 billion from VAT, N22.5 billion from internally generated revenue, and N25.5 billion from grants, with an opening balance of N4.8 billion.
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