The Plateau State Governor, Jonah Jang, on Tuesday proposed a budget of over N215 billion as the 2015 budget to the state House of Assembly.
The budget has a deficit of N10 billion. The 2014 budget was about N225 billion.
Commenting on the deficit, the governor said, “This shows a 4.26 per cent drop from last year’s estimate. As already explained above, this drop is as a result of dwindling economic fortunes, particularly in the oil sector.”
He also revealed that the internally generated revenue, IGR, had not met its target of N16 billion for 2014 as revenue from the Ministry for Lands and Survey was yet to take off fully.
The 2015 budget has over N92.4billion as recurrent expenditure, representing 42.93 per cent while N122.9billion was allocated to capital expenditure, representing 57.07 per cent.
Mr. Jang said the 2015 budget would be funded from the IGR with an estimate of N16.8billion.
According to him, the state government was able to generate revenue of over N93billion for the implementation of the 2014 budget. This represented only 41.46 per cent of the approved budget estimate for 2014.