…approves transmission of draft supplementary budget for Assembly
Priscilla Ofunre, Ado-Ekiti
Ekiti State Executive Council, has, on Wednesday, 8th April, 2020, held its first ever virtual meeting.
The meeting was held in consonance with Governor Kayode Fayemi’s directive that all residents of the state must observe the social distancing precaution as stipulated by the Nigeria Center for Disease Control (NCDC) to curb the spread of the dreaded COVID-19 pandemic.
The meeting was held successfully with Governor Fayemi as the Chairman of the meeting, and all other members of the Executive Council in attendance via video conferencing. Memoranda were tabled and discussed, and the usual modus operandi of the Executive Council meetings were followed, save for the physical presence of the members.
According to Governor Fayemi, all subsequent Executive Council meetings will be held virtually, until given the assurance that the threat of the COVID-19 scourge is defeated.
The Executive Council approved the transmission of a draft Supplementary Budget for the Ekiti State House of Assembly, seeking a downward review of the Budget 2020, to align with the current realities of the economic conditions of the State, and the country as a whole.
Considering that the Budget 2020 was based on an oil price benchmark of $57 per barrel, with the current global price of oil hovering between $20-$35 per barrel, it was wise for the State to adjust the budget based on a benchmark of $25 per barrel.
The Commissioner for Budget and Economic Planning, who briefed the Executive Council on the adjustments required to be made, assured the Council members that salaries of the Ekiti State workforce would not be affected, and status quo will be maintained in that regard.
Also approved for transmission to the Ekiti State House of Assembly, was the Public Finance Management Bill presented by the Commissioner for Finance, being a requirement for Ekiti State Government to ensure a better performance under the Federal Government’s Fiscal Sustainability Plan (FSP), and the World Bank’s State Fiscal Transparency Accountability and Sustainability (SFTAS) programme.
Ekiti State Government, like all other States in the Federation, is expected to establish a Legal Framework for Public Finance Management in the State, by enacting a law to be known as “Ekiti State Public Finance Management Law 2020”.
The objective of the law is to stabilise the macroeconomic situation of the State, by controlling the State’s fiscal aggregates, such as, State Government’s expenditure, revenue and debt.
