Biodun Oyebanji, Ekiti governor, has presented a N113.57 billion 2023 appropriation bill to the state house of assembly.

Oyebanji presented the bill, titled, ‘budget of strong beginning’, to the house of assembly on Thursday.

The figure is N13 billion higher than the last budget of N100 billion presented by Kayode Fayemi, the immediate past governor of the state.

This is aimed at building on a strong foundation already laid for the development of the state, Oyebanji said.

Meanwhile, a breakdown of the budget shows that recurrent expenditure will take N80 billion, while capital expenditure will gulp N34 billion.

Recurrent expenditure represents all payments other than for capital assets, including on goods and services, (wages and salaries, employer contributions), interest payments, subsidies and transfers.

Whereas, capital expenditure (CapEx) is payments for acquisition of fixed capital assets, stock, land or intangible assets.

Oyebanji, while presenting the budget, said the 2023 proposed budget was designed to address the challenges posed to subnational, national and global economies, and the ripple effects of the economic downturn.

“It seeks to ensure that the internally generated revenue is increased to reduce the dependence of the state on federal allocation,” the governor said, adding that the budget was largely the product of citizen’s engagement programmes with stakeholders from towns and villages across the three senatorial districts of the state.

He added that the 2023 budget was anchored on his administration’s six pillars for Ekiti development which include; youth development and job creation, human capital development, agricultural and rural development, infrastructure and industrialisation, arts, culture and tourism, and governance.

“Our goal is to safeguard our people’s lives, livelihoods, well-being and future. It is to create shared prosperity for all and to grow the economy, equip our people with valuable skills, create jobs, and expand the range of opportunities available for everyone,” Oyebanji said.

“It is to create a conducive environment for investors to thrive in our economy, and to make Ekiti state the preferred destination to live, work, and invest. Let me assure you that the budget I just presented represents the plan, policies and programmes designed by our administration to achieve the collective aspirations of the good people of this state in my first year in office.

“While I am in a hurry to develop all sectors of our economy, I am mindful of the challenge of limited resources. However, the pact I signed with Ekiti state is four years in the first instance.

“Our administration will make concerted efforts to touch and transform every sector of the economy as we journey in my tenure as your governor. All the lofty ideas I have conceived cannot be realised without your support.

“Having been building on the foundation laid by my predecessor, it is my honour and pleasure to present the 2023 budget estimate which I have christened ‘budget of strong beginning’. We are starting strong because we are not starting afresh.”