Bauchi State Governor Senator Bala Abdulkadir Mohammed has presented a budget of over N195 billion for the 2022 fiscal year to the Bauchi State House of Assembly, for consideration.
The governor told the assembly that the appropriation bill tagged: “Budget of Consolidation and Continues Commitment” is made up of over N84 billion recurrent expenditure representing 43 percent and capital expenditure of over N110 billion, representing 57 percent.
According to him, the fiscal year budget is lower than the previous year in order to align with Government projection considering the economic realities so as to meet the anticipated revenue.
Bala Mohammed explained that the budget was prepared based on the Medium Expenditure FrameWork in compliance with Bauchi state fiscal law.
He said the appropriation is predicted on national assumptions of oil production of 1.88 million barrels per day with a benchmark of oil price at 57 US dollars per barrel plus an exchange rate of 410 naira to a US dollar.
The governor said that the proposed budget will ensure the completion of ongoing projects, maintenance of critical spending on core areas of need while considering new projects on the basis of critical needs that will impact the lives of the people.
Governor Bala said that the current revenue receipt is expected to be sourced from internally generated revenue of N24 billion N494 million while statutory allocation would be N66.938 billion and VAT N15, 608,940,097.
He said for the implementation of the capital expenditure in the 2022 fiscal year, the sum of N110,620,425,625 had been earmarked, over N7 billion for general administration, over N57 billion for the economic sector and over N30 billion for the social sector.
Governor Bala expressed his optimism that the budget will be fully implemented towards the development of the state.