The Ekiti State Government said it is planning to spend N600 million on power interventions in 2024.
The Commissioner for Budget and Economic Planning, Niyi Adebayo, stated this in Ado-Ekiti while presenting highlights and a breakdown of the N159.5 billion budget tagged “Budget of Sustainable Growth and Development” for the 2024 fiscal year.
According to the commissioner, N300 million was allocated for the purchase and installation of transformers to relieve the existing power substations in the state.
Adebayo added that rural electrification of Igede Farm Settlement and Oye Local Government Area would cost N150 million, while N150 million would be spent on the extension of the operational Independent Power Project.
He said that Governor Biodun Oyebanji’s administration was determined to invest in the power sector to enhance the electricity supply in the state and boost economic growth.
Adebayo said the importance of power supply to growth industries as well as small and medium enterprises accounted for the proposed huge investment in the power sector.
He added that the 2024 budget also made provisions for the construction of a flyover from Ijigbo to Okeyinmi, reconstruction of the Ikere-Igbara Odo Road, and construction of the 9.2 km Atlas-Ajebamidele-Deeper Life-Alasia-Sheperd-Omisamjana Road.
Other provisions include the rehabilitation of Ado-Ifaki Road, rehabilitation 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 noted that provisions were also made for the completion of a new befitting Governor and Deputy Governor’s Lodge in Asokoro, Abuja, and the purchase of office furniture and equipment for MDAs for effective service delivery.
He added that 40 per cent of the total budget has been earmarked for infrastructure and industrial development, while 13 per cent was allocated for youth development and job creation.
The commissioner explained further that revenue of N53.6 billion was expected from the federation account, N28 billion from VAT, N22.5 billion to be raised from internally generated revenue, and N25.5 billion from grants with an opening balance of N4.8 billion.