Gov. Mohammed Abubakar of Bauchi State on Thursday presented N168 billion budget for 2018 fiscal year to the state’s House of Assembly.
Abubakar, while presenting the budget tagged “budget of consolidation” announced that N69 billion representing 41 per cent was for recurrent expenditure, while N100 billion representing 59 per cent was for capital expenditure.
He said Health, Education, Agriculture, Water Supply, Youth and Women Empowerment and Infrastructure Development would be given priority in 2018.
According him, the 2018 budget is based on the bench mark of 45 Dollars from 2.3 million barrels of oil per day and exchange rate of N305 to one Dollar, as well as robust and efficient system of Internally Generated Revenue (IGR) collection.
The governor added that the state government deliberately allocated 40:60 ratio of the budget to recurrent and capital to ensure development, noting that
attention would be given to completion of ongoing capital projects and commencement of new ones that were crucial.
Abubakar said recurrent revenue estimate would be generated from N13.12 billion from IGR and N101.47 billion as statutory allocation.
He noted that the recurrent revenue estimates comprised N28.53 billion as personal cost; N26.77 overhead cost; while N12.26 billion for consolidated revenue fund charges was made up of N7.5 billion Pension and Gratuity; N4.34 billion as Public Debt Charges/Debt Servicing while N918.44 billion for Public salary.
He explained that the government projected that the state would realise N53.35 billion capital receipts, N315 billion as opening balance and N15.21 billion from internal loans.
Other capital receipts were external loans N13, 26 billion, aids and grants N11, 17 billion and other capital receipts of N13. 39 billion.
Under capital expenditure, he said N7.23 was for administrative sector, N51.93 billion for economic sector, N35.37 billion to social sector, N3. 58 billion to regional sector, while N1.73 was to law and justice sector respectively.
He said “this administration will continue to place more emphasis on rehabilitation of primary and secondary schools, as well as tertiary institutions through capacity building of teachers and upgrading courses to degree level.
“We will fight poverty and provide employment for the teeming population of the state to accord attention to the agricultural sector towards food sufficiency as we believe it will have multiplier effect in creating jobs and wealth.
“We decided to purchase 1,000 units of power tillers, facilitate the empowerment of small scale farmers through Commercial Agricultural Credit Scheme Loans and rehabilitated three model farm training centres in the state,” the governor said.
