Implementation of the Fiscal Responsibility Law

A law aimed at promoting transparency and accountability in government finances. Kayode Fayemi's administration in Ekiti State implemented the Fiscal Responsibility Law in 2011, which was aimed at ensuring accountability and transparency in the management of public funds. The law requires that the state government prepares a Medium Term Expenditure Framework (MTEF) and a Fiscal Strategy Paper (FSP) that outlines the government's fiscal policy objectives and priorities.

Under the law, the state government is also required to prepare an annual budget that is based on the MTEF and FSP. The budget must be submitted to the State House of Assembly for approval before the beginning of the fiscal year. The law also establishes a Fiscal Responsibility Commission, which is responsible for monitoring the implementation of the law and ensuring compliance with its provisions.

The implementation of the Fiscal Responsibility Law in Ekiti State has helped to improve transparency and accountability in the management of public funds, as well as promote the efficient use of resources in the state.