Niger To Fund N613bn Budget With N298bn Loan

Niger State government is to fund its 2024 budget estimate of N613.3 billion with a loan of N256.4billion and recurrent revenue of N298 billion. Governor Mohammed Umaru Bago who presented the budget to the state House of Assembly yesterday said the budget was prepared based on the Economic and Fiscal Update (EFU) Fiscal Strategy.

Bago said the budget will be funded through capital receipt of N315 billion which is made up of the N256.4 billion loan and grant of N58.7 billion while the recurrent revenue of N298 billion is made up of statutory allocation, Value Added Tax (VAT), internally generated revenue, excess crude/other revenue, SURE-P refund.

The governor disclosed that more than N464 billion, representing 75.67 percent, was captured as the capital estimate while N149 billion representing 24.33 percent stood as the recurrent expenditure.

Bago said the infrastructure, housing and urban renewal sector, got the highest allocation of N220.6 billion which represents 42 per cent of the entire budget for 2024 estimated followed by the Education, agriculture, and health sub-sectors with N76.2 billion, N43.5 billion and 42.7 billion respectively allocated while Law and Justice got the lowest estimate which stood at N2.730 billion.

Tagged:  “The Budget of the Future”, he pointed out, will not only address the immediate needs of the State but will also serve as the roadmap for a visionary 20-year journey, captured in the “Niger State Future Initiative”.

The governor who recounted the numerous achievements recorded by his administration so far, assured that the 2024 budget is geared towards the enthronement of a New and Sustainable Niger that is full of opportunities for all.

According to the governor, “Our social contract with Nigerlites in our manifesto is to improve livelihoods, foster a sustainable economy, uphold good governance, and advance both urban and rural development which defines the essence of this transformative initiative”.

In his remarks, Speaker of the Niger State House of Assembly, Abdulmalik Sarkin-Daji, assured that the 10th Assembly will properly screen the 2024 budget in line with the “New Niger” vision to ensure its passage within a week and therefore urged all the heads of Ministries, Departments and Agencies (MDA’s) to support their resolve by complying with the screening time-table adding that the House will intensify its oversights functions in 2024.