The Governor of Bauch State, Bala Mohammed, will, on Thursday, present a budget proposal of N300 billion for the 2024 fiscal year to the state House of Assembly for consideration and subsequent passage.
News About Nigeria gathered that the budget is made up of 58.8 per cent for capital expenditure while 41.2 per cent is for recurrent expenditure.
According to the state’s Commissioner for Budget, Aminu Hammayo, who made this known on Wednesday at the Government House after the State Executive Council meeting, the budget was drafted with the current economic realities at heart.
He further explained that the leadership of the state took note of the fuel subsidy removal in its budget.
He also noted that since there has been an increase in the amount of revenues that will accrue into the Federation Account due to the subsidy removal, states are likely to get more from the Federation Account.
The Commissioner added that, in the budget, considering the increased inflation, there has also been an increase in the cost of goods and services.
These were the basic assumptions that we considered before coming up with the budget.
Speaking further on Bauchi State’s 2024 budget, Hammayo said, “The estimates were presented today, and they amount to about N300 billion. We have allocated 58.8 per cent to capital expenditure and 41.2 per cent to recurrent expenditure. This means the emphasis is primarily on capital expenditure, creating assets that should be able to generate revenues in the future.”
He further noted that it is important to highlight that the state’s budget estimates would be presented on Thursday as a bill to the State House of Assembly to enable early approval and kickstart all activities related to the budget.
