Ekiti State Governor Ayo Fayose, on Monday, presented N80.774 billion budget estimate for 2015 to the seven Peoples Democratic Party, PDP, state lawmakers loyal to him.
The budget, titled “budget of reality”, composed of N67.9bn out of the N86.5bn projected to be realised from the 2014 budget, as at 31October. Fayose said the money realised represented 78 per cent.
Of the new budget, N48, 717bn, about 60 per cent, is for recurrent spending, while N31.956 bn will be spent on capital projects. The governor said he presented a moderate budget based on the means available to his government.
Fayose explained that fundings for the budget would come from federal allocations, internally generated revenues and other sources. Fayose informed he would take N6bn internal loan bond, contrary to his earlier stance that he would not borrow to run his government.