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.