The Governor of Borno State, Babagana Umara Zulum, has presented the 2024 appropriation bill to the State House of Assembly, presided over by the Speaker Hon. Ahmed Lawan along with the 28 members representing their respective constituencies in the state.
The governor in his remarks before presenting the budget said, the 2023 fiscal year, as in the preceding years, has been quite challenging for the state and indeed the country due to the uncertainty and volatility that characterised the operations of the entire global economic system of which Nigeria is an integral part.
He noted that, even under such harsh economic realities, the state government was able to put in place, robust and enduring project implementation strategies that enabled the attainment of set targets and goals in the year.
Governor Zulum, announced the sum of N340,619,836,000.00 budgeted for the 2024 fiscal framework, which is made up of N198,293,223,000.00 in capital expenditure and N142,326,613,000.00 in expenditure to be financed from the recurrent revenue of N206,803,053,000.00, which comprises FAAC revenue and Internally Generated Revenue (IGR).
The budget will also be financed by capital receipts of N128,816,783,000.00, comprising of Aid and Grant as well as capital development funds.
The projection of the 2024 budget is predicated on the Federal Government’s fiscal forecast for the 2024–2026 Medium Term Expenditure Framework (MTEF). The Internally Generated Revenue (IGR) forecast was adopted with some indications to reflect on the current realities within our purview.
The 2024 projections are therefore predicated on a Crude Oil Benchmark of US $77 per barrel and a daily production of 1.5 barrels per day. A projected National inflation rate of 21.4% and a national GDP growth rate of 3.76%, as well as a proposed exchange rate of N750 per US dollar.
Expenditure Analysis
The Ministry of Agriculture and Natural Resources which will undertake the construction of earth dams, the maintenance of rural feeder roads, and the construction of a modern fish feed milling centre, among others has the total sum of N13,506,848,000.00.
This has been allocated for both capital and recurrent expenditures of the Ministry and its agencies.
Meanwhile, the Ministry plans to ensure strict monitoring and control of all expenditures across the Ministries, Departments, and Agencies for prudent management of resources. N53,808, 771,000.00 has been allocated for its capital and recurrent expenditures including Borno State Internal Revenue Service, Borno state Debt Management Office (DMO), and the office of the Accountant-General.
In the 2024 fiscal year, the Ministry plans to ensure a realistic and all-encompassing IPSAS compliance budget for the state N2,604,050,000.00 has been allocated for its capital and recurrent expenditures of the Ministry and its agency, Borno State Bureau for Statistics.
Furthermore, the Ministry of health plans to renovate and rehabilitate all general hospitals in the state, upgrade and expand vertical wards at the Specialist Hospital, Maiduguri, and proceed with the construction of physiology and laboratory departments as well as a mortuary at the State Teaching Hospital, Maiduguri.N51,124,004,000.00 has been allocated for its capital and recurrent expenditures
MINISTRY OF EDUCATION, SCIENCE, TECHNOLOGY, AND INNOVATION
The Ministry intends to construct three (3) new mega schools across the three senatorial districts, provide teacher’s accommodation, and undertake the complete rehabilitation of the Resource, Research, ICT and Innovation Centre. In addition to training and retraining teachers, prompt payment of WAEC, NECO, and NABTEB examination fees as well as promoting vocational entrepreneurship in the state would be given priority. The Ministry also oversees all the tertiary institutions in the State. N39,435,468,000.00 has been allocated for both capital and recurrent expenditures.
MINISTRY OF RECONSTRUCTION, REHABILITATION, AND RESETTLEMENT (RRR)
The Ministry will embark on strategic transformation initiatives of the State Development Plan with the philosophy of Building Borno Back and Better. In addition, the Ministry will execute the following projects: Reconstruction of Agricultural Zonal Offices, Courts, Staff Quarters, Primary Health Care Centres, Clinics, Market Shops and Stalls, Public Schools, and Vocational and Skills Acquisition Training Centres. N20,731,179,000.00 has been allocated for both capital and recurrent expenditures in the 2024 fiscal year.
MINISTRY OF RELIGIOUS AFFAIRS
In 2024, the government will construct more places of worship, reconstruct and rehabilitate graveyards and cemeteries, and engage in social re-orientation programmes for behavioural change N4,851,287,000.00 has been allocated for both capital and recurrent expenditures.
Comments are closed.