From Mohammed Nasir Shuaibu BAUCHI
Bauchi State Governor Bala Mohammed has today presented a budget of over three hundred billion naira to the State House of Assembly for 2024 fiscal year approperation Bill.
Presenting the budget, Governor Mohammed said this presentation is indeed the first in the life of the current tenure of this administration and was prepared based on the Medium-Term Expenditure Framework (MTEF) in compliance Bauchi State Fiscal Responsibility Law (2009).
Similarly, it further complies with the National Format and Chart of Accounts, aimed at improving the quality of financial reporting in line with the International Public-Sector Accounting Standards (IPSAS).
According to the governor, said
between 2019 and 2023, a lot had happened, including some significant progress towards the provision of basic social services and improving the quality and stock of infrastructure that had affected the lives and welfare of the people. Several other major reforms have also been undertaken along the various sectors of the public service.
Mohammed explained that the 2024 Budget has also been predicated on the assumptions of an oil production projection of 1.78 million barrels per day; a bench mark oil price of 73.96 US dollars per barrel; an exchange rate of N700 to the US dollar; an improved level of revenue accruals into the Federation Account arising from oil subsidy removal; and an improved and efficient system of internally generated revenue collection.
He said the Government has in the course of the preparation of the Budget taken the following measures into consideration: – a. Ensure the completion of on-going projects. b. Propose new projects only on the basis of critical need and the immediate impact they would make. c. Ensure reduction in non-essential overheads. d. Ensure compliance with Budget guidelines issued by the Nigerian Governors Forum to ensure peer review and comparability. e. Compliance with debt servicing and repayment agreements in fulfilment of our obligations. f. Target favourable sources of Capital Receipts and financing such as Aids and Grants, PPPs etc.
The governor disclosed that the sum of N300,219,705,820.60 has been Budgeted for Capital and Recurrent services during the 2024 fiscal year. This comprises of Recurrent Expenditure of N121,341,193,343.11 or 40.4% while Capital Expenditure receives the sum of N178,878,512,477.49
or 59.6%.
or 59.6%.
According to the governor said 2024 proposed Budget is 48.2% higher than the budget I presented at this House for 2023. The increase is attributable to the increased revenue arising from the subsidy removal and the upward inflationary trends associated with the depreciating state of the local currency. This implies an increase in prices upon which our projects and programmes will be implemented. The adoption of this conservative approach is to ensure that projects and programmes captured are appropriately costed.
The process of the preparation of the budget has been all inclusive. Budget Public Hearings were conducted in the three Senatorial Zones where inputs from Stakeholders were elicited and incorporated into the Budget proposal.
Details of the Budget are as follows:
RECURRENT ESTIMATES:
Recurrent Revenue Estimates
Opening Balance of N14,472,988,092.29, The sum of N196,117,152,647.51 is estimated as Recurrent Revenue. This is made up of the following: Internally Generated Revenue N37,029,075,592.51 Statutory/
Recurrent Expenditure Estimates A total sum of N121,341,193,343.11 is earmarked for Recurrent Expenditure. The breakdown as follows:- Personnel Cost and Overhead Cost at 73,104,107,842.86 and
121,341,193,343.11
While the Capital Receipts it is projected that the State will realize Capital Receipts in the sum of N89,629,565,080.80 in the following areas: Loans (Internal & External) 50,983,704,414.25, Aids and Grants 24,018,520,052.85
Other Capital Receipts14,627,240,713.70 total 89,629,565,080.80
Similarly, Capital Expenditure has been proposed in the sum of N178,878,512,477.49 in the following sectors: Administrative Sector 19,025,419,968.80, Economic Sector
74,907,055,058.74, Law and Justice Sector 2,002,430,000.00,
Regional Sector 17,460,965,081.05
Social Sector 65,768,787,368.90. Total 178,878,512,477.49
Social Sector 65,768,787,368.90. Total 178,878,512,477.49
In concluding this presentation, I want to solicit the continuous support and cooperation of this Honourable House in our efforts towards the development of our dear State and in improving the lives of its citizens. We have no doubt made significant progress in that respect.
Our correspondent reports that this year 2024 budget which was tag “Budget of Consolidation and Renewed Focus”.
