From Ahmad Ibrahim Lokoja
Governor Yahaya Bello of Kogi State has presented a budget of N176.12 billon for next fiscal year before the state House of Assembly.
The Deputy Governor, Edward Onoja presented the budget proposal tagged “ Budget of Prosperity” on behalf of the governor, yesterday at the Assembly Complex in Lokoja.
He noted that the budget estimates is made up of N92.933 billion recurrent revenue consisting of N21.032billion from internal sources, while N50.43billion is being expected from the Federation account.
Onoja explained that N17.5 billion revenue is expected from Value Added Tax while N120 billion is expected from the Excess crude.
He further disclosed that N100 billion is expected from exchange rate difference as refund from Federal Government while N2 billion is expected from Non-oil revenue, even as N1.5 billion is being expected from forex equalisation, while N120 billion is expected from excess bank charges.
The deputy governor stressed that recurrent revenue for the year 2020 stands at N92.932 out of which estimated personnel cost for the period will be N32.512 billion whereas N46.55 billion is expected to be overhead cost thereby giving N78.96 billion as a recurrent expenditure for the year 2020.
Onoja said that the total estimated revenue, both recurrent and capital receipts stands at N176.123 billion for the year 2020, thereby describing the budget for next year as a balanced one.