The Yobe State government has proposed a budget of N92.1 billion for both its capital and recurrent expenditure for the 2018 fiscal year.
The governor, Ibrahim Gaidam, made this known during a budget presentation ceremony at the Yobe State House of Assembly chambers in Damaturu on Tuesday.
The 2018 proposed budget is higher than the current 2017 budget by about N10 billion.
Governor Gaidam said the proposed budget was increased to enable the state, not to only sustain its current speed of development, but also to consolidate on gains achieved thus far.
“Mr. Speaker, Honourable Members, I wish to state that the 2018 Budget is yet another opportunity that will enable us to continue to meet the yearnings and aspirations of our people and concretize our numerous efforts of uplifting the standard and condition of living of all citizens of our State,” he told the state legislators.
He said the budget was designed in faith with the vision and mission enunciated in “Yobe State Socio-Economic Reform Agenda, (YOSERA)”.
“In the 2018 Budget estimates, we propose to spend the sum of N92,182,336,000. This figure represents an increase of N9,616,019,000 or 10.4% above that of the out-going fiscal year.”
The governor said the 2018 proposed bill, christened ‘Budget of Consolidation and Socio-economic Rejuvenation’, will be funded via a Treasury Opening Balance N 4,000,000,000; an Internally Generated Revenue of N4,497,355,000; as well as a Statutory Allocation of N36,871,660,000.
The governor said the proposed budget is also anticipated to have a funding via a Value Added Tax (VAT) of N8,583,727,000; Ecological Fund of N 2,000,000,000 Stabilization Fund of about N150,000,000; Excess Crude Oil/Exchange Rate Differential at N4,201,000,000.
The state also based its source of funding through other receipts such as Grants to the tune of N 4,287,000,000; External Loans of about N490,000,000; Internal Loans of about N15,389,594,000; Debt Relief of N 7,711,000,000; as well as Miscellaneous incomes of N4,010,000,000.
The governor said despite the huge expectation from the capital side of the proposed budget, a sizeable sum of N47,447,905,000 which is about 51 percent of the fiscal bill goes to service recurrent needs of the state.
He however assured that what remains for the capital spendings will enable the state “to complete all the on-going legacy projects” that his administration “is bequeathing to our good people and take on new ones, in line with our overall developmental agenda”.
Mr. Gaidam said if passed the proposed budget is expected at “Revitalizing the educational system to return to its former glory and increase access to health facilities to the teeming population through accelerated upgrading of infrastructure, provision of basic requirements and human resource for health
“The new budget will help in promotion of agricultural activities as veritable tool for poverty alleviation, job creation and food security, among others; Taking further steps towards reducing the cost of conducting government business; Provision and upgrade of infrastructural facilities like roads, water and electricity supply towards reducing rural-urban migration and accelerating our Post-Insurgency Peace and Recovery efforts , among other expectations.”