Governor Yahaya Bello of Kogi State on Monday presented 2024 fiscal estimates of N258, 278, 501, 339, tagged the Budget of Consolidation and Continuity for Inclusive Growth, which is the last budget of his Administration as he steps down soon for Usman Ododo-led Government.
Usman Ododo, who will be sworn as Kogi State governor early next year, will be inheriting a largest budget in the history of the State put at N258.3 billion as against N197.5 billion revised approved budget for the year 2023
The 2024 Budget draft is higher by #60,678,826,427.00 compared to 2023 Revised Budget which represents a 30.71% increase.
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The total budget outlay of #258,278,501,339.00 is divided into Recurrent Expenditure of #145,736,429,609.00, representing 56.43% and Capital Expenditure of #112,542,071,730.00 which represents 43.57% .
Administration has 64,314,563,318 representing 24.90%, Economic 82,007,729,867 representing 31.75 %, Law and Justice has 14,975,368,809 representing 5.80% and Social , 96,980,848,345 which equally represents 37.55%.
The total estimated recurrent revenue of #168,406,138,861, consisting of #30,235,332,685 from internal sources, ,#85,650,179,027 statutory allocation from Federation Account, #34,017,078,421 from Value Added Tax (VAT), #2,004,373,101 from Budget Augmentation, #6,392,704,874 from Exchange Differentials, #418,303,951 from Non oil revenue, #2,577,798,101 from For ex equalization, #200,000,000 from Recovery Excess Bank Charges ,#910,268,701 from Solid Mineral and #6,000,000,000 from Electronic Money Transfer (EMT).
Bello equally stated that the Recurrent Revenue for the year 2024 stands at #168,406,138,861 while the estimated Personnel Cost Overhead Cost, other Recurrent and Public Debit Charges for the same period stand at #65,071,493,479, #56,693,794,550, #8,871,141,580 and #15,100,000,000, respectivel, putting the total Recurrent Expenditure for 2024 at #145,736,429,609.
He pointed out that based on that the State has a total estimated Transfer Surplus of #22,669,709,252 as part of Capital Development Fund , adding that the estimated Capital Receipt is #89,872,362,478 that is made up Internal and External Loans, Aids and Grants.
However, Governor Bello pointed out that if the transfer Surplus of #22,669,709,252 is added to the said amount , the State has #112,542,071,730 as available fund for capital development projects.
He said the estimated revenue (i.e recurrent revenue and capital receipt stands at #258,278,501,339.00 for the year 2024 and the total estimated expenditure i.e Recurrent and Capital stands at #258,278,501,339 for the year 2024, making the 2024 Draft Budget a balance budget.
Presenting the “Budget of Consolidation and Continuity for Inclusive Growth , Bello urged the House of Assembly and people of Kogi State to extend greater levels of co-operation to the new government of Ahmed Usman Ododo.
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“I look forward to seeing the incoming Administration building on the foundation laid by mine while working together with all stakeholders across the State to achieve even greater heights than we did. Let’s therefore embrace this transition with excitement and optimism, knowing that our collective efforts will propel our State to new horizons”, he said.
