…Solicits greater level of cooperation for Ododo
Governor Yahaya Bello of Kogi State on Monday presented 2024 Budget of Consolidation and Continuity for Inclusive Growth of N258,278,501,339 .00 as against N197,599,674,912.00 Revised approved budget for the current year, 2023.
The 2024 Budget draft is higher by N60,678,826,427.00 compared to 2023 Revised Budget which represents a 30.71% increase.
The total budget outlay of N258,278,501,339.00 is divided into Recurrent Expenditure of N145,736,429,609.00 representing 56.43% and Capital Expenditure of N112,542,071,730.00 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 N168,406,138,861 consisting of N30,235,332,685 from internal sources,N85,650,179,027 statutory allocation from the Federation Account; N34,017,078,421 from Value Added Tax (VAT), N2,004,,373,101 from Budget Augmentation , N6,392,704,874 from Exchange Differentials, N418,303,951 from Non oil revenue, N2,577,798,101 from For ex equalisation, N200,000,000 from Recovery Excess Bank Charges, N910,268,701 from Solid Mineral and N6,000,000,000 from Electronic Money Transfer (EMT).
Bello equally states that the Recurrent Revenue for the year 2024 stands at N168,406,138,861 while the estimated Personnel Cost Overhead Cost , other Recurrent and Public Debit Charges for the same period stand at N65,071,493,479, N56,693,794,550, N8,871,141,580 and N15,100,000,000 respectively putting the total Recurrent Expenditure for 2024 at N145,736,429,609.
He pointed out that based on that the state have a total estimated Transfer Surplus of N22,669,709,252 as part of Capital Development Fund , adding that the estimated Capital Receipt is N89,872,362,478 that made up Internal and External Loans, Aids and Grants.
However, he pointed out that if the transfer Surplus of N22,669,709,252 is added to the said amount , the state have N112,542,071,730 as available fund for capital development projects.
He said the estimated revenue (i.e. recurrent revenue and capital receipt stands at N258,278,501,339.00 for the year 2024) and the total estimated expenditure (i.e. Recurrent and Capital stands at N258,278,501,339 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 to extend greater levels of cooperation to the new government of Ahmed Usman Ododo, adding that “I look forward to seeing the incoming administration building on the foundation laid by mine while working together with all stakeholders across the state achieve even greater heights than we did. Let is therefore, embrace this transition with excitement and optimism, knowing that our collective efforts will propel our state to new horizons.”