Ekiti State Governor, Mr Ayodele Fayose, has said with the continued downward trend in the price of crude oil in the international market, except by God’s intervention, Nigerians should brace for more challenges next year.
The Ekiti State House of Assembly also on Tuesday reviewed the 2015 operating budget and the tenure of regents in the state.
With the passage of the bill, regents in the state shall cease to enjoy government recognition after six months on the throne in their respective domains.
According to a statement by the Special Assistant (Media) to the Speaker, Stephen Gbadamosi, the 2015 Revised Appropriation Bill was aimed at re-allocating funds to projects that are of paramount importance to government
The governor, who spoke in Efon Alaaye during his sensitisation tour of local governments in the state, said this year’s budget performed poorly because it was predicated on $68 per barrel, while it sold much lower than that.
Fayose, according to a statement on Tuesday in Ado Ekiti by his Chief Press Secretary, Mr Idowu Adelusi, opined that if the trend continued, there would be more financial challenges to cope with next year.
“This year’s budget did not meet expectations, especially in the area of capital expenditure because of the poor revenue coming in from oil sale in the international market. The oil now sells for less than $40 per barrel.
“Without being an economic expert, one can envisage a tough economic terrain next year. You know that I don’t hide things from you, the other day they said they have given out bail-out fund, I said it was not. It will amount to sheer deception for a leader to hide the true position of things from the people.
“We are heading for a serious financial challenge next year, as there seems to be little hope for the economy bouncing back. Our administration has always put our finances in the open for all to see. We are on this tour because we need to let you know what is happening. The power of the people is greater than the power of the leaders,” he said. Click to signup for FREE news updates, latest information and hottest gists everyday
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