Ekiti State records N1.5bn deficit (Q1, 2021)
The Ekiti State Government has recorded a deficit of N1.5 billion for Q1 2021.
This was disclosed in the State Accountability Report for Q1 2021 released by the Ekiti State Government.
HAPPENING NOW: Governor Fayemi @kfayemi arrives Adetiloye Hall for the presentation of the State of the State’s Accountability Report for Quarter 1, 2021.
This is in line with the commitment of the Fayemi administration to fiscal #transparency and #accountability. pic.twitter.com/Mq1g0X9Xk5
— Government of Ekiti State (@ekitistategov) May 4, 2021
According to the report, the State generated revenue of N4.4 billion and recorded total recurrent expenditure of N4.3 billion in January, 2021.
In February, revenue of N3.2 billion and expenditures of N4.1 billion was reported, while in March, the State generated revenue of N3.2 billion and expenditure of N4 billion was reported.
The total revenue for Q1 2021 was N11,095,936,504.57. The total recurrent expenditures stood at N12,621,335,548.90 and the State recorded a deficit of N1,525,399,044.33.
The State revealed that in Q1, it spent more than its Federal Allocation and EVAT receipts on salaries and subventions to tertiary institutions, with salaries + subventions/ Statutory Allocation taking 103% for the quarter.
Amaka E. Nliam/ Nairametrics
