The Yobe State Governor Mala Buni has presented a N320.8 billion Appropriation Bill for the 2025 fiscal year before the House of Assembly explaining that N176.8 billion was earmarked for capital expenditure while the current expenditure was N144 billion.
Penpushing reports that Buni who made the presentation on Thursday said that the estimates, tagged “Budget of Economic Consolidation and Poverty Reduction,” were aimed at completing ongoing projects in the state.
The Governor stated that the capital and recurrent expenditures represent 51.1 per cent and 44.9 per cent, respectively, of the total budget adding that N156.9 billion was earmarked for the economic sector, N108.5 billion for the social sector, N50.6 billion for the administrative sector while law, peace and justice received N4.8 billion.
Penpushing further reports that Buni reviewing the 2024 budget said N216.9 billion was approved to finance both capital and recurrent expenditures for the fiscal year, stressing that the actual receipt from federation account allocation, internally generated revenue and opening balance from January to September stood at N206.99 billion, representing 95.4 per cent.
‘The overall performance of the 2024 budget for both recurrent and capital expenditure was N164.9 billion, indicating 76 per cent success as of 30th September, 2024. The volume of both the revenue and expenditure is expected to rise before the end of the year’, he said.
‘The unfavorable exchange rate of Naira to the Dollar, and the unabated inflation rate have continued to negatively impact on execution levels of our projects and programmes. We are optimistic of an increase in the rate of our fulfillments before the fiscal year runs out’, Buni added.
Penpushing also reports that the governor at the presentation at Damaturu, the state capital commended the house of assembly for a harmonious working relationship with the executive arm of government.
Meanwhile, the Speaker, Rt Hon Buba Mashio, in his remarks assured the governor that the budget would be given accelerated passage.
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