Bauchi state Governor Senator Bala Abdulkadir Mohammed has presented a budget estimate of over 195 Billion Naira for the 2022 fiscal year tagged to the Bauchi State House of Assembly, BAHA for consideration.
The Governor presented the budget to BAHA on Thursday said that the budget is tagged, “Budget of Consolidation and Continues commitment,” is made up of over 84 Billion naira recurrent expenditure represents 43 percent and capital expenditure of over 110 billion naira representing 57 percent.
According to him, the fiscal year budget is lower than the previous year in order to aligned with Government projection considering the economic realities so as to meet the anticipated revenue.
Bala Mohammed explained that the budget was prepared based the Medium Expenditure Frame Workin complaince with Bauchi state fiscal law.
He added the appropriation is predicted on national assumptions of oil production of 1.88 million barrels per day with a benchmark of oil price at 57 US dollars per barrel plus an exchange rate of 410 naira to a US dollar.
The governor said that the proposed budget will ensure the completion of ongoing projects, maintenance of critical spending on core areas of need while considering new projects on the basis of critical needs that will impact the lives of the people.
Governor Bala said that the current revenue receipt is expected to be sourced from internally generated revenue of 24 billion 494 million while statutory allocation would be 66 billion 938million naira and VAT would be 15, 608,940,097 naira.
He said for the implementation of the capital expenditure in the 2022 fiscal year, the sum of 110,620,425,625 naira had been earmarked, over 7 billion naira for general administration, over 57 billion for economic sector and over 30 billion naira for the social sector.
Governor Bala Abdulkadir expressed his optimism that the budget will be fully implemented towards the development of the state.