Home » Business & Economy » Wada Presents 2016 Budget Proposal Of N74,996,241,381Billion To State Assembly For Approval

Wada Presents 2016 Budget Proposal Of N74,996,241,381Billion To State Assembly For Approval

Joseph Amedu, Lokoja
The Kogi state governor, Capt. Idris Wada yesterday presented 2016 budget proposal of N74,996,241,381billion to the state house of assembly for approval.
The budget tagged “Budget of Consolidation and Stability has N45,337,756,341 Billion representing 60 percent as recurrent expenditure and N29,658,485,040 Billion representing 39.55 percent as capital expenditure.
Making the presentation at the Assembly Complex in Lokoja, the Governor explained that the 2015 budget of N88,617,070,857billion is higher than the 2016 budget by N13,620,829,476 Billion representing 15.37 percent , saying the sectoral breakdown of the capital expenditure are Road development -N7,617,166,535 Billion(25.68 percent) , Health – N3,376,625,000 Billion(11.39 percent), Education – N2,365,500,000 Billion(7.96 petrcent) , Law and Justice -N2,245,750,000(7.57 percent) , Water – N2,133,000,000 (7.57 percent) and Agriculture – N1,189,500,000 (4.01 percent)
Explaining further, the governor pointed out that the 2016 budget have a total estimated recurrent revenue of N49,474,000,000 consisting of N7,854,000,000 from internal sources, N33,700,000,000 as the state’s share from the federation account and N7,920,000,000 from Value Added Tax.
Capt. Wada who said SURE-P, Excess crude and budget augmentation were not captured in the 2016 fiscal year for reason of dwindling price of crude oil, indicated that the fund available for recurrent expenditure in the budget stands at N49,474,000,000.
According to him, the estimated personnel cost for the period was N34,759,082,633, saying N10,578,673,708 represented over head cost giving a total recurrent expenditure for the 2016 as N45,337,756,341.
Reviewing the 2015 budget performance, the governor said out of the N65,280,529,470 approved by the House of Assembly as recurrent revenue for 2015, N40,332,487,906 was collected as at the end of September, 2015 representing 61.8 percent performance.
He added that a total sum of N45,779,963,3319 was approved for recurrent expenditure in 2015, saying a tatol of N36,450,623,898 was spent as at September of the same year representing 79.62 percent performance.
Earlier, the Speaker Kogi state House of Assembly Rt. Hon. MomohJimoh Lawal assured that the house would leave no stone unturned in ensuring that they attended to the budget on time to ease its implementation.
He however cautioned members of the Assembly against rancour, saying bickering and heating the polity cannot move the state forward.
According to him ” now is the time to unite and not the time to divide. The state is our collective patrimony, we must not allow ourselves to be used by any external forces to jeopardise the peace and stability of our dear state”

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