Ekiti State reports deficit of N1.5 billion in Q1 2021

The Ekiti State government has disclosed a deficit of N1.5 billion for Q1 2021.

This was disclosed in the State of the State Accountability Report for Q1 2021 released by the Ekiti State Government on Tuesday.

State finances for  Q1 2021

• For January 2021, the State reported revenue of N4.4 billion and a total recurrent expenditure of N4.3 billion.
• For February, revenue of N3.2 billion and expenditures of N4.1 billion was reported.
• For March, 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.

READ: Customs revenue rises by N200 billion to hit N1.5 trillion in 2020

What you should know

Recall Nairametrics reported that the 36 states and the Federal Capital Territory generated a sum of N1.31 trillion as Internally generated revenue (IGR) in 2020.

Lagos State recorded the highest Internally Generated Revenue of N418.99 billion, accounting for 32.1% of the total, followed by Rivers State with N117.19 billion.