The News Agency of Nigeria (NAN), reports that the budget christened ‘Budget of Deliverables’ has N53.53 billon, representing 43 per cent as capital expenditure, while the recurrent expenditure is N71.18 billion, representing 57 per cent.
Fayemi said the budget was tailored after his administration’s five-pillar agenda for development, which was aimed at enhancing good governance and speedy economic transformation of the state.
He said the budget would provide platform for implementation of his administration’s cardinal objectives as covered in the five-pillar agenda.
“The administration has embarked on several laudable projects and programmes which will undoubtedly impact on lives of the people of the state.
“Our numerous development partners who left as a result of in-conducive environment in the last administration are not only back but have signed pacts with our administration to develop the state.
“For instance, major investors in the agriculture and industrial sectors have signed business pacts with the State Government,” he said.
Fayemi disclosed that part of the support from development partners was the 1000km rural roads that would be constructed under the Rural Access and Agriculture Marketing Programme (RAMP) of the World Bank and the French Development Agency (AFD).
The project according to him, would commence in January 2020, as soon as financing agreements are signed.
Fayemi disclosed government’s plans to establish special public works programme aimed at recruiting 1,000 youths who would be paid N20,000 monthly on rural-community projects, among other social investments.
In his speech, the Speaker of Assembly, Mr Funminiyi Afuye, expressed optimism that the 2020 budget would result in economic prosperity and drive the development of the state.
Afuye, who assured that the Assembly would work on the budget with a view to passing it before the end of December, commended Fayemi for judiciously managing the state’s resources in spite of paucity of funds.
“I am confident that 2020 budget will sustain and improve the tempo of development in the state.
“I pray for political stability, industrial harmony and economic prosperity to be able to drive development to all nooks and crannies of the state in the life of this budget.
“I want to assure you that the house will work assiduously on the Appropriation Bill with a view to passing it before the end of the year,” he said.