Yesterday, the Executive Governor of Kogi State, Captain Idris Wada presented over seventy four billion Naira (N74,996,241,381bn) as the budget for 2016 to the Kogi State House of Assembly in Lokoja.
The Governor made it known that the budget was over fifteen per cent (15.3%) that is, over thirteen billion naira (N13bn) lower than that of 2015 which amounted to about eighty nine billion naira (N89bn).
Quoting Idris Wada, “The total budget package for year 2016 is N74, 996, 241, 381 as against N88, 617, 070, 854 approved for year 2015 which is a decrease of N13.6 billion or 15.37 per cent compared to the 2015 Revised Budget."
Tagged the "", Capital expenditure gulps about thirty billion naira (N29,658,485,040bn) or thirty nine point fifty- five per cent (39.55%) of the proposed budget, while recurrent expenditure amounts to over forty-five billion Naira (N45,337,756,341) which is about sixty per cent (60%) of the appropriation bill.
Speaking on the objectives of the budget, Idris Wada said the budget was aimed at allocation of scarce resources, and he also noted as follows: “Also, to identify critical programmes and projects including completion of on-going projects and new ones in the critical areas of need.
”To produce a conducive environment for investors and donor agencies to operate and as well, to reduce the level of domestic debt profile of the state.”
On revenue generation, the governor made it known that N7,854,000,000 would be from Internally Generated Revenue (IGR), while N33,700,000,000 would be gotten from the Federation Account and N7,920,000,000 from Value Added Tax (VAT).
Also speaking on the appropriation bill, Mr. Momoh Jimoh Lawal, the Speaker of the Kogi State House of Assembly, said that the House would ensure quick passage and implementation of the bill.
The Speaker of the house also spoke to the legislators on the need for unity. In his words, “Now is the time to unite and not the time to divide. The state is our collective patrimony, we must not allow ourselves to be used by external forces to jeopardise the peace and stability of our dear state.”
According to reports, Only ten out of the twenty-five lawmakers were present during the bill presentation.