The Yobe State Governor, Mr Ibrahim Gaidam, on Tuesday said the reduction in the 2015 budget was done in good fate to meet the current economic realities in the country especially the drop in revenue from federation account.
Speaking while assenting to the 2015 appropriation and finance bills in Damaturu, the Yobe state capital, Governor Gaidam urged ministries and government agencies to be prudent in the management of the scarce resources at its disposal.
The Governor noted that N80.6 billion 2015 appropriation and finance bills will see N37.9 billion spent on capital expenditure while N43.691million on recurrent expenditure.
With the current fall in federation accounts according to the Governor, government will continue to be prudent, accountable and transparent in the spending of public funds and task ministries and government agencies to comply.
“The 2015 appropriation and finance bills presented for my assent provides for a total expenditure of N80.6 billion out of which the sum of N37.9 billion is earmarked for capital expenditure, while the sum of N42.6 billion is set aside to cater for recurrent expenses.
“We decided to make the budget reflect the realities of the nation’s economy especially the drop in revenue receipts from the federation accounts which has adversely affected our monthly statutory allocation and the implementation of our programme and plans”, he said.
The governor thanked the people of the state for renewing his mandate during the last general elections and assured them that he will justify the confidence reposed in him.
The Speaker of the Yobe State House of Assembly, Rt. Hon. Adamu Dala Dogo, said upon receiving the bills barely two months ago from the executive arm, the House subjected it to severe deliberations thereby maintaining the initial budget size but reduced the recurrent expenditure from N45.5 billion naira to N42.691 while the capital expenditure was increased from N37.093 to N37.98, which translate into 53% and 47% respectively.
He commended the state governor for the foresight in reducing the budget size saying it is realistic with the current economic realities.
