The Ekiti State Government has revealed plans to allocate N600 million towards power interventions in the 2024 fiscal year.
This announcement was made by the Commissioner for Budget and Economic Planning, Niyi Adebayo, during the presentation of the N159.5 billion budget titled “Budget of Sustainable Growth and Development.”
Out of the N600 million earmarked for the power sector, N300 million has been allocated for the purchase and installation of transformers to alleviate the existing power substations in the state.
Additionally, N150 million has been budgeted for rural electrification projects in Igede Farm Settlement and Oye Local Government Area, while another N150 million will be directed towards extending the operational Independent Power Project.
Adebayo emphasized the government’s commitment to investing in the power sector to improve electricity supply in the state and drive economic growth.
He highlighted the importance of a reliable power supply for industrial and commercial activities, underscoring the rationale behind the significant investment in the sector.
In addition to the focus on the power sector, the 2024 budget includes provisions for various infrastructure projects.
These include the construction of a flyover 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.
The budget also caters to the rehabilitation of the Ado-Ifaki Road, renovation of public buildings, land clearing for agricultural purposes, renovation of public schools, and the construction of perimeter fencing at Government Technical Colleges in Otun, Igbara Odo, and Ijero.
Adebayo highlighted that the budget also includes provisions for completing a new Governor and Deputy Governor’s Lodge in Asokoro, Abuja, as well as acquiring office furniture and equipment for Ministries, Departments, and Agencies (MDAs) to enhance service delivery.
Regarding budgetary allocation, the commissioner revealed that 40% of the total budget has been earmarked for infrastructure and industrial development, with 13% allocated for youth development and job creation.
The revenue projections for the 2024 fiscal year include an expected N53.6 billion from the federation account, N28 billion from Value Added Tax (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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