Bauchi State Governor, Bala Mohammed on Thursday presented the sum of N300,219,705,820 as the 2024 estimated budget to the State Assembly for scrutiny and passage.
The budget tagged ‘Budget Of Consolidation and Renewed Focus’, comprises of recurrent expenditure of N121,341,193,343.11 (40.4%) while capital expenditure received the sum of N178,878,512,477.49 (59.6%).
The proposed budget reflects a 48.2 per cent increase from the 2023 budget.
The governor attributed this to enhanced revenue from subsidy removal and inflationary trends.
This is as he emphasised the need for lawmakers’ support to advance state development and improve citizens’ lives, urging a swift passage of the budget for timely implementation of impactful projects.
Presenting the budget, the governor said, “Mr Speaker, Honourable Members, the 2024 Budget has been predicated on the assumptions of an oil production projection of 1.78 million barrels per day; a bench mark oil price of 73.96 US dollars per barrel; an exchange rate of N700 to the US dollar; an improved level of revenue accruals into the Federation Account arising from oil subsidy removal; and an improved and efficient system of internally generated revenue collection”
“Government has in the course of the preparation of the Budget taken the following measures into consideration which include ensuring the completion of on-going projects, proposing new projects only on the basis of critical need and the immediate impact they would make, ensuring reduction in non-essential overheads, ensuring compliance with Budget guidelines issued by the Nigerian Governors Forum to ensure peer review and comparability.
“Compliance with debt servicing and repayment agreements in fulfilment of our obligations and target favourable sources of Capital Receipts and financing such as Aids and Grants, PPPs.”
The Speaker of the House of Assembly, Babayu Mohammed Akuyam, in his remarks assured the executive arm of the government that the House will scrutinize the budget and ensure speedy passage into law.
