Bauchi State: Governor Bala Mohammed Submits N300.2bn Budget To Assembly

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On Thursday, Bauchi State Governor, Bala Mohammed, presented the 2024 estimated budget of N300,219,705,820 to the State Assembly for examination and approval…CONTINUE READING

Titled ‘Budget Of Consolidation and Renewed Focus,’ the budget allocates N121,341,193,343.11 (40.4%) for recurrent expenditure and N178,878,512,477.49 (59.6%) for capital expenditure.

The proposed budget signifies a 48.2% increase from the 2023 budget, attributed by the governor to heightened revenue resulting from subsidy removal and inflationary trends.

Governor Mohammed underscored the importance of legislative support for state development and the well-being of citizens, urging a prompt passage of the budget to ensure timely implementation of impactful projects.

Presenting the budget, he outlined key assumptions, including an oil production projection of 1.78 million barrels per day, a benchmark oil price of $73.96 per barrel, an exchange rate of N700 to the US dollar, improved revenue accruals from oil subsidy removal, and enhanced internal revenue collection.

Governor Mohammed detailed measures taken during budget preparation, such as prioritizing ongoing projects, proposing new projects based on critical need and immediate impact, reducing non-essential overheads, and ensuring compliance with budget guidelines issued by the Nigerian Governors Forum.

The measures also include adherence to debt servicing and repayment agreements and seeking favorable sources of capital receipts and financing, such as aids, grants, and PPPs.

In response, the Speaker of the House of Assembly, Babayu Mohammed Akuyam, assured the executive arm of the government that the House would meticulously scrutinize the budget and facilitate its swift passage into law.