…assures budget will achieve important macroeconomic goals
Governor Yahaya Bello of Kogi State on Thursday presented a total budget estimation of N145,896,072,913 to the state Assembly.
The budget termed “Budget of Accelerated Result” was divided into Recurrent Expenditure of N90,151,291,251 representing 61.79% and Capital Expenditure of N55,744,781,662 representing 38.21%.
The total Budget package for year 2022 of N145,9b is N14.67bn or 9.13% less than 2021 budget of N160.56bn.
The 2022 budget expenditure outlay shows that administration carries N50bn, economic N42bn, Law and Justice N4.7bn and social sector carries N49bn amounting to 34%, 29%, 3% and 37% respectively.
The 2022 Budget according to the Governor was designed to achieve important macroeconomic goals while ensuring effective delivery of good governance as a public service.
The Kogi government said it planned to financed the budget through, “We have budgeted a total estimated recurrent revenue of N96,792,006,352 consisting of N23,266,375,259 from internal sources, N49,586,957,264 as State’s share from the Federation Account, N19,667,974,999 revenues from Value Added Tax (VAT), N100,000,000 from Excess crude, 1,000,000,000 from exchange difference, N500,000,000 as refund from Federal Government, N1,000,000,000 from Non-Oil Revenue, N200,000,000 from Forex Equalisation, N120,698,829 from Excess Bank charges, N350,000,000 from Budget Augmentation, N500,000,000 from Solid Minerals and N500,000,000 from Ecological Fund.
“In summary, our total estimated revenue (i.e. recurrent revenue and capital receipts) stands at N145,896,072,913 for the year 2022, making total estimated expenditure (i,e Recurrent and Capital) stands at N145,896,072,913 for the year 2022 making our 2022 Budget a balanced budget.”
He noted that the objectives of the 2022 budget include ensuring the actualization of the development priorities of the government as articulated in the State Development Plan and respective Sector Implementation Plans (SIPs) and Maintaining a favourable proportion of Capital to Recurrent Expenditure.
The Governor added that emphasis would be on completing all on-going projects and adding new projects in areas of critical need, expanding revenue generation so as to reduce over dependence on federation allocation and Maintaining a sustainable debt position thereby reducing the State Domestic Debt profile.
He also added that the budget would seek to provide a conducive environment for investors and Donor Agencies to operate in the State while Enhancing greater transparency, accountability and proper public expenditure management.
Governor Bello stressed that a good budget was defined by how deep it taped into the existential realities of its target polity and by the tangible changes it was able to make in the life of the people during its lifespan.
While reviewing the 2021 budgetary performance, he noted that despite the continued adverse economic effect of the Covid-19 pandemic, several infrastructural boost ranging from road constructions across the three senatorial districts, ongoing reference hospital in Okene, teaching and referral hospitals across the state with an ongoing Ganaja Flyover and Interchange, Lokoja among others
Governor Bello asserted that his government was constantly challenging itself to do better with its ability to harness the high quality human capital hence the formation of Kogi State Economic Council (KOSEC) as a body to think outside the box and harvest ideas that would propel the State to further greatness.
He said that he would continue to implement the New Direction Blueprint by focused interventions in the expanded thematic areas, which include Education, Health, Infrastructure & Utilities, Youth Empowerment and Employment Creation, Civil Service & Pension Reforms, Security, Agriculture, Human Capital Development as well as Cooperation and Integration with the principal aims of the 2022 Budget of Accelerated Results to include wealth creation, poverty reduction, employment generation, conflict resolution, peace-building and enshrining fairness, transparency and accountability in the governance of the State.
Governor Bello stated that his government have also adopted several resolutions to increase its earnings from solid minerals noting that by 2023 budget presentation, the 13% derivation from crude oil produced on our land would have increased the state’s revenue streams, alongside more returns on investments in solid minerals adding that the state have also keyed fully into the Economy Recovery and Growth Plan (ERGP) of the Federal Government to ensure economic stability and quick measurable results.
While thanking the Legislative arm for their continued mutuality, the governor urged them to join as evangelists of good health to their constituents by encouraging them to sign up on the State’s health insurance scheme.
Governor Bello appreciated the people for their continued support and lauded security personnel across all the law enforcement agencies, for standing together to minimize the incidences of insecurity.