Budget: Gov Fayose Hinges Failure On Crude | WakaWaka Reporters

Budget: Gov Fayose Hinges Failure On Crude

Ekiti State governor Ayodele Fayose has attributed the poor performance of this year’s budget to the continued down slide of crude oil price in the international market.

He said that except by God’s intervention, Nigerians should brace up for more challenges in the years ahead.

Speaking in Efon Alaaye, in continuation of his sensitisation tour of local governments in the state, the governor posited that the budget failed because it was predicated on $68 per barrel, while it sold much lower than that.

According to a statement by the his chief press secretary, Mr Idowu Adelusi, in Ado-Ekiti yesterday, the governor, said, “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.”