Benue State Governor Hyacinth Alia on Wednesday, presented a comprehensive 2025 budget focused on human capital development, food security, and digital economy.
The budget, christened “Budget of Human Capital Development, Food Security, and Digital Economy”, focuses on driving progress, prosperity, and well-being for all citizens.
The budget, according to the Governor is a strategic roadmap designed to propel the state towards a brighter and more sustainable future.
Key Assumptions for 2025 Budget Estimates
Governor Alia outlined key assumptions driving the 2025 budget, including a projected 4.46% national real Gross Domestic Product (GDP) growth, an expected crude oil price benchmark of $75, a projected oil production rate benchmark of 2.0 million barrels per day, and a stable core inflation rate of 27.4%.
Meanwhile, efforts to increase Internally Generated Revenue (IGR) by 300% and focus on human capital development were also highlighted as crucial elements of the budget strategy.
Bold Financial Plan
The proposed 2025 budget presents a total expenditure of N550,112,988,930.45, reflecting a 47.5% increment over the 2024 revised budget.
The 2025 budget also has a conservative borrowing plan of N26,053,953,736.32 which the Governor outlined, representing a modest 4.7% of the proposed aggregate expenditure.
Governor Alia however emphasized that borrowing will only be considered as a last resort, with a focus on regenerative investment.
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Strategic Allocation Across Sectors
The 2025 budget allocates resources across key sectors, with a significant focus on human capital development, education, health, agriculture, and security.
Also, investments in food security, infrastructural development, social welfare programs, and the digital economy were highlighted as critical components of the budget.
Mitigating Challenges and Ensuring Fiscal Sustainability
To address potential challenges associated with the budget implementation, the Governor noted that measures such as cautious budget projections, improved technology in tax collection, sustaining the ALIA-CARES initiative, and optimizing Official Development Assistance (ODA) were outlined.
Equally, the establishment of the Benue State Economic and Investment Advisory Council (BEIAC) was proposed to enhance the state’s economic landscape.
Looking Towards a Prosperous Future
Governor Alia called for constructive criticism and emphasized the importance of the 2025 Budget of “Human Capital Development, Food Security, and Digital Economy” as a roadmap towards a brighter and more sustainable future for Benue State.
He urged the support of the State Assembly in realizing the vision outlined in the budget, emphasizing that “it is not just a financial document but a blueprint for a prosperous future for all citizens”.
Meanwhile, as Benue State sets its sights on a transformative path forward, Governor Alia expressed optimism that with collective efforts and strategic investments, the state will achieve economic prosperity, food security, and technological advancement in the years to come.
The Governor highlighted the anticipated challenges and opportunities facing the state in 2025, emphasizing the importance of the three pillars of People, Sustainability, and Innovation (PSI) in shaping the future of the state.
He discussed various achievements and initiatives in addressing workforce challenges, enhancing infrastructure, improving security, supporting IDPs, and boosting development financing and grants.
Key areas of focus in the 2025 according to him in the budget include addressing unemployment, promoting agriculture and food security, revitalizing investments, advancing the digital economy, enhancing civil service development, and supporting women in development.
The Governor also outlined plans for justice and public order, sports and youth development, rural cooperatives, transportation improvements, and land, survey as well as solid minerals development.
In addition, Governor Alia discussed the approved and revised budget for 2024, highlighting the adjustments made to accommodate changes in the macroeconomic fundamentals.
He outlined the total budget performance for 2024 and the underlying principles of the proposed 2025 budget, emphasizing human capital development, food security, and the digital economy as key priorities for the state.
Receiving the budget, the Speaker of the Benue State House of Assembly, Hyacinth Dajoh, commended Governor Alia for the timely presentation and assured the Benue people of speedy passage of the Appropriation Bill.
The Speaker affirmed that Benue State was on track to win the race against underdevelopment, unemployment, infrastructure decay, insecurity, and economic stagnation and urged heads of Ministries, Departments and Agencies to cooperate with the lawmakers to ensure accelerated passage of the fiscal act.
Emmanuel Ukoh
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