Borno Governor, Babagana Umara Zulum has presented N340.6 billion 2024 appropriation bill, tagged “Budget of Consolidation And Progress” to the state House of Assembly.
Presenting the budget at BOHA in Maiduguri on Wednesday, Zulum said it is the sum of N340,619,836,000.00 has been budgeted for the 2024 fiscal framework.
He noted that it is made up of N198,293,223,000.00 in capital expenditure and N142,326,613,000.00 in expenditure to be financed from the recurrent revenue of N206,803,053,000.00, which comprises FAAC revenue and Internally Generated Revenue (IGR).
According to him, the budget will also be financed by capital receipts of N128,816,783,000.00, comprising of Aid and Grants as well as capital development funds.
The governor explained that the projection of the 2024 budget is predicated on the Federal Government’s fiscal forecast for the 2024–2026 Medium Term Expenditure Framework (MTEF).
“The Internally Generated Revenue (IGR) forecast was adopted with some indications to reflect on the current realities within our purview.
“The budget is aiming to strengthen the accomplishments we have achieved thus far and further ensure the delivery of democratic dividends, especially in the realms of socio-economic and political development in our cherished State.
“The economic realities on the ground defied most of our assumptions, especially the exchange rate of the Naira to the US Dollar and the inflation forecast, which have seriously impacted the implementation of the 2023 approved budget.
“Mr. Speaker, the State Government was compelled to adopt special measures in line with the prevailing conditions on the ground, which, to a great extent, helped us meet the projected targets and set goals of the Budget, 2023,” said Zulum.
In his remarks, Abdulkarim Adam, Speaker of the House said the house is ready to give the budget speedy deliberation for the restoration of the state.
The speaker also explained that the house had monitored the 2023 budget implementation in the state, adding that the report is appreciated accordingly.
READ ALSO FROM NIGERIAN TRIBUNE
