From Yakubu Mustapha, Minna
The Niger State Governor, Alhaji Abubakar Sani Bello has presented a budget appropriation of N148,211,929,549.82 to the state House of Assembly for scrutiny and consideration for the 2020 fiscal year.
He allocated the highest allocation of N9.2 billion to education.
This indicated a decreased of 13 percent of 2019 budget of N194, 698,816,253.00 of the outgoing year.
Presenting the budget before the state house of assembly in Minna on Tuesday, Governor said that the decrease is an “indication our readiness to adjust our responsibility to the current economic realities in the management of the state resources”..
The budget proposal consists of Recurrent Expenditure of N69,968,379,598.50, representing 47.2 percent and Capital Expenditure of N78,243,549,951.32, representing 52.79 percent of the budget.
The governor pointed out that the budget will be finance through statutory Allocation from Federation Account., Value Added Tax, Internally Generated Revenue (IGR), and Capital Receipts.
Consequently, he said the proposed Budget is anchored on a statutory allocation of N66,790,517,202.00 representing 45.06 percent of total Revenue, and Value Added Tax of N14,377,012,200.00, representing 9.70 percent of the total revenue.
in addition, the Internally Generated Revenue is expected to contribute N11,270,321,631.00, representing 7.60 percent of the total revenue, while N46,065,534,731.82 which is 31.08 percent of the total revenue is expected from capital receipt.
The governor however said that the above estimates were arrived at based on certain economic parameters, “which include the Statutory Allocation based on the Bench-mark price of crude oil of $56.00 per barrel and production bench mark of 2.10 million barrels per day”,