Governor Abiola Ajimobi yesterday presented the 2018 budget of N267, 436,357,912.19 to the state House of Assembly.The “Budget of Stabilisation,” was N60.4b higher than the 2017 budget, which stood at N207billion.
According to the proposal, the revenue was based on N93.68billion from the federation account, N7.53billion from transfers (LG, JAAC for LGSPD and LGSC), and N112.10billion from Internally Generated Revenue (IGR), as well as increase of four per cent from the 2017 budget.
While the total recurrent revenue was fixed at N213.3billion, the capital receipt was put at N43.72billion.
He said N39.84billion would be spent on personnel cost, N25.24billion on overhead cost and N53.28billion on the consolidated revenue.
In all, while the total recurrent expenditure stands at N118.37billion, the capital expenditure was put at N149.1billion.
Ajimobi said N85.39b would be committed to the economic sector, N54.280b to the social service, N.517b to law and justice, and N5.94b to general administration.
In Benue State, Governor Samuel also presented a budget of N178, 377,811,608 to the state House of Assembly.
Tagged: “Rural Transformation and Consolidation Budget,” it is about N5 billion lower than the 2017 appropriation.
According to the governor, the budget was based on his administration’s blueprint: “Our Collective Vision for a New Benue.”
He also hinged it on the 10-Year Development Plan and the International Public Sector Accounting Standards.
Ortom said the appropriation would engender transparency, accountability and good governance towards delivering the dividends of democracy to the people.