The Kogi State Government has proposed a budget of N258b for the 2024 fiscal year. The budget was tagged “Budget of Consolidation and Continuity For Inclusive Growth”.
Gov. Yahaya Bello made the disclosure while presenting the 2024 budget speech to the Kogi State House of Assembly.
According to the presentation, a total of N258b has been earmarked for recurrent and capital expenditure.
The 2024 budget is a balanced budget of NN258,278,501,339, with Gov. Bello urging the Members of the Assembly to extend greater level of cooperation to the incoming administration of Alhaji Usman Ahmed Ododo.
A summary of the draft budget shows that the recurrent expenditure of N145b representing 56% and Capital Expenditure of N112b representing 43% aims at improving quality education, access to health care, ensure food security and generate high proportion of GDP from agriculture.
From the total estimated revenue of N168b in the 2024 budget, consist of N30b from internal sources, N85b as statutory allocation from the federation account, N24b from Value Added Tax, N2b from budget augmentation, N6b from exchange differentials, N418m from non oil revenue, N2b from from m forex equalization, N200,000,000 from solid minerals and N6,000,000,000 from electronic transfer.
Similarly, the budget is geared towards exploiting the full potential of the State economy, ensure gainful employment, establish necessary framework for a robust mining and solid minerals sector.
While adding that the budget aims at improving road network in Urban and rural areas, improve quantity of safe water supply, sustainable use of the environment, Gov. Bello disclosed that it would facilitate descent housing, cut cost of governance, assured that the administration will complete every single project started by the administration across the 21 local Government areas of the State.
From the budget, the Administration Sector will gulp 24.90%, Economic 31.75%, Law and Justice 5.80%, Social 37.55% of the budget, is an increase of N60b, representing 30% higher than the 2023 budget that was N197,599,674,912,00 approved revised budget.
In his remarks, the Speaker Kogi State House of Assembly, Rt. Hon. Umar. Aliyu assured of the support of the Assembly to the quick passage of the budget.
He reiterated the resolve of the Assembly in supporting every efforts that would improve the socio economic development of the State.
He commended the Governor for granting autonomy to the legislative arms of government, praised the administration for his funding of education.
While promising quick passage of the budget, solicited the cooperation of MDAs in ensuring that the budget is passed within a record time for the quick development of the State.