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Gov Bala Mohammed of Bauchi has presented a budget of ₦300 billion for 2024 to the state House of Assembly for approval.
Presenting the proposals, tagged “Budget of consolidation and renew of focus” on Thursday in Bauchi, Mohammed assured members of the house that the budget would be fully implemented.
According to him, ₦178.8 billion Capital Expenditure of the budget represents 59.6%, while ₦121.3 billion for Recurrent Expenditure, represents 40.4%. Mohammed said that the budget was 48.2% higher than the budget presented to the house in 2023.
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He explained that the increase was attributable to increased revenue arising from the subsidy removal and the upward inflationary trend associated with the depreciating local currency.
He said this implied an increase in prices upon which the government’s projects and programmes would be implemented.
“A total sum of ₦121.3 billion is earmarked for the Recurrent Expenditure with personnel cost of ₦48.2 billion, overhead cost of ₦73.1 billion.
“It is projected that the state would realise capital receipt in the sum of ₦89.6 billion from internal and external loans of ₦50.9 billion, aid and grant of ₦24.18 billion and other capital receipt of ₦14.6 billion,” he said.
“Capital expenditure has been proposed in the sum of ₦178.8 billion in the following areas – ₦19 billion for administrative sector, economic sector would take ₦74.9 billion, law and justice sector would take ₦2 billion.
“Regional sector takes ₦17.2 billion, social sector which involves health and education has ₦65.7 billion,” he stated.
While appraising the performance of 2023 budget, Mohammed said that it achieved about 51.6%, adding that at the end of the fiscal year, they would achieve a total performance percentage of over 60%.
He, however, solicited the continuous support of the lawmakers towards the development of the state and speedy passage of the 2024 Appropriation Bill into law.
Responding, Speaker Babayo Akiyam, assured that the budget would be speedily scrutinised and passed before the end of the year.