The Appropriation Bill tagged “Budget of New Direction” is aimed at addressing the problem of infrastructural development in the state, the Governor said while addressing the House.
Governor Bello had walked into the hallow chamber of the newly renovated Kogi State House of Assembly where lawmakers were already seated waiting.
The governor was accompanied by some of his aides at the presentation, the first since he assumed office in January 27 2015 as the 4th executive governor the state.
While presenting the budget estimate, Governor Bello stated that it was prepared in line with the domesticated national chart of account, medium term expenditure frame work/multi-year budget framework which outlines key initiatives, assumption and what was expected to be achieved by the key spending Ministries, Departments and Agencies (MDAs) in the state.
”We have budgeted a total estimate recurrent revenue of 81.666 billion Naira, consisting of 32.181 billion Naira from internal sources, 35.309 billion Naira as states’ share from the Federation Account, 8.085 billion Naira revenue from Value Added Tax (VAT) 2.209 billion Naira will come from exchange differentials and 3.880 billion Naira from budget augmentation.
The governor said “the total budget outlay of 174.851 billion Naira estimate is divided into recurrent expenditure of 58.531 billion Naira representing 33.47% and capital expenditure of 166.320 billion Naira representing 66.53%”.
Fund available for recurrent expenditure in year 2017 stands at 81.666 billion Naira while estimated personnel cost for the period is 32.734 billion Naira. 25.797 billion Naira is overhead cost, giving total recurrent expenditure for the year 2017 to be 58.531 billion Naira.
Governor Bello noted that the implementation of the budget would accelerate the rate at which the state could build physical infrastructure and develop human capital in the state and deploy them.
according to him, the budget is designed to stimulate with equal importance including agriculture, water resources, environment, housing and support from women and youth empowerment.
The budget is an increase of 74.85% from the 99.998 billion Naira budgeted in 2016 out of which the current revenue was 63.127 billion Naira and capital receipt was 36.870 billion Naira.