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Ekiti to borrow N3bn to pay UBEC counterpart fund

In a bid to get pleasure from the 2019/2020 tasks of the Common Elementary Training Fee (UBEC), the Ekiti State govt has licensed the borrowing of a sum of N3 billion as a counterpart fund.

The acclaim for the time period mortgage was once given on the digital assembly of the State Govt Council held in Ado Ekiti, on Thursday.

A observation signed by way of the Commissioner for Knowledge, Muyiwa Olumilua, stated the mortgage is to permit Ekiti State Govt catch up with its statutory 50% counterpart legal responsibility against the discharge of budget for UBEC/State Common Elementary Training Board( SUBEB) tasks for the yr 2019 and 2020.

Olumilua stated the fiscal step changed into crucial at the premise that failure to pay the counterpart fund would disqualify the State from receiving her proportion of the UBEC/State Common Elementary Training investment.

The observation stated: “Memorandum at the be offering of N3,031,076,059.82 time period mortgage for 2019 and 2020 Ekiti State Govt counterpart contribution for SUBEB/UBEC tasks.

“Being a Federal and State Govt partnership, each tiers of presidency are required to get a hold of their respective 50% contributions sooner than the whole sum is launched to the State Govt.

“It will have to be recalled that Governor Kayode Fayemi has considerably defrayed the exceptional counterpart budget for the years 2016, 2017 and 2018 UBEC/SUBEB tasks, which was once first of all ignored by way of the former management and the compensation continues to be ongoing”.

Olumilua added that Governor Fayemi has constituted 3
separate tracking devices, tasked with the task of wearing out an infrastructure audit within the Training sector, to decide the appropriate wishes of the more than a few colleges.

The commissioner mentioned that the mandate of our bodies come with tracking of execution of all SUBEB tasks within the State to make sure that all contract awards apply due procedure and are duly achieved.

Olumilua added that Fayemi additionally tendered the memorandum for the modification of the Ekiti State Debt Control Legislation 2020 on the council, to permit the state determine State Debt Control Place of job (SDMO).

“Ekiti State Govt in 2011, installed position the legislation titled “Law to offer for the Established order of the State Debt Control Place of job, and attached functions

Olumilua stated the Council additionally licensed the modification of phase 34(1) (b) of the Ekiti State Fiscal Accountability Legislation (No 12) of 2019 as recommended by way of the Ministry of Justice.

“Segment 34(1) (b) was once amended to learn: The State Govt shall make sure that the extent of public or interior debt as a portion of the state source of revenue is held at a sustainable stage, as prescribed by way of the Space of Meeting, every so often, at the recommendation of the Fiscal Accountability Fee”.

The Commissioner mentioned that the modification might be forwarded to the Ekiti State Space of Meeting for legislative processing, and next passage into legislation.

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