Bauchi State Governor Bala Abdulkadir Mohammed, has proposed a NN300,219,705,820.60 billion budget for the 2024 fiscal year to the Bauchi State House of Assembly for consideration and approval.
Presenting the budget on Thursday, the governor said the budget estimate was made on the basis of a 1.7 million barrel oil production benchmark per day at $73 per barrel.
Similarly, the budget was also based on N700 to a dollar, adding that the excess revenue accruing into the coffers of the state from the federation account also informed the rise in the projected budget estimate for the 2024 fiscal year of the state.
Giving the breakdown of the budget tagged: Budget of Consolidation and Renewed Focus, the governor said about N121bn earmarked for recurrent expenditure representing 40.4 percent; and N178bn set aside for capital expenditure representing about 59.6 percent of the total budget.
“The 2024 proposed Budget is 48.2% higher than the budget I presented at this House for 2023. The increase is attributable to the increased revenue arising from the subsidy removal and the upward inflationary trends associated with the depreciating state of the local currency,” he said.
Governor Mohammed said the 204 budget will prioritise the completion of ongoing projects, debt servicing and other financial obligations of the state.
He, however, said new capital projects will be initiated on the basis of critical needs.
While giving a review of the performance of the 2023 budget, the governor said the state only achieved 51.6% in the implementation of the budget as of 30th September 2023.
“We have, however, within these constraints, prudently managed the limited resources available to a considerable degree of performance.
“Rising inflationary conditions and failure in meeting projected capital receipts from development partners had however affected the overall performance of the 2023 budget,” he explained.