Governor Samuel Ortom of Benue state Tuesday presented a budget estimate of N189, 483, 511, 025 budget to the state House of Assembly for the 2020 appropriation.
Christened “Budget of Advancement, Growth and Development,” the governor said “the policy thrust of the draft 2020 budget is to ensure adequate provision for implementation of programmes that can reflate the state economy and accelerate growth.”
He stated that the budget will also be targeted to completion of on-going projects and the consistent payment of personnel emoluments.
The governor said the budget will be funded by N42.76 billion revenue from FAAC, N31.89 billion from independent revenue, N13.33 billion from VAT, and N96.92. billion deficit financing.
According to the governor, the 2020 proposed recurrent expenditure will be 114,548,525,887.
He said out of the total amount, the sum of fifty billion, six hundred and thirty-seven million, two hundred and fifty thousand, six hundred and forty-six naira (N 50,637,250,646) only will be for personnel cost, while the sum of sixty-three billion, nine hundred and eleven million, two hundred and seventy-five thousand, two hundred and forty naira (N 63,911,275,240) only will represent payment for overhead cost.
“The 2020 draft budget estimates have a proposed sum of seventy-four billion, nine hundred and thirty-four million, nine hundred and eighty-five thousand, one hundred and thirty-eight naira (N74,934,985,138) earmarked for capital projects,” he added.
The governor further said allocations made to sectors were in tune with the needs of the sectors and the anticipated availability of resource.
Based on the sectoral budget presented economic sector has N73,790,691,145, Social Sector N64,613,349,889, administrative sector N48,278,003,228, while
law and justice sector will be N2,801,466,763.
