Bayelsa State Governor Douye Diri has presented the Bayelsa State Appropriation Bill 2022 of N310.72 billion, christened Budget of Sustainable Development, to the state House of Assembly.
Making the presentation on Wednesday in Yenagoa, Diri said the key priorities are predicated on parameters in the 2022 – 2024 Medium Term Expenditure Framework (MTEF) and Strategy Paper (SP) which are based on key assumptions.
The assumptions include crude oil production of 1.88 million barrels per day, oil price of $57 per barrel and exchange rate of N410.15 to the US dollar.
Capital expenditure is estimated at N110.98 billion, personnel cost at N67.4 billion, running cost at N70.56 billion and consolidated revenue fund charges, pension and gratuity, G32 council areas, federal deductions, debt repayment and others at N61.75 billion.
Projected revenue estimates are opening balance of N1.902 billion, statutory allocation of N43.03 billion, VAT of N16.23 billion, 13percent derivation of N117.37 billion, excess crude of N43.58 billion and internally generated revenue of N20 billion among others.
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Diri explained that the 2022 budget will be used to fund building of critical infrastructure, sustained urban renewal and green environment, wealth creation and job opportunities and building human capital.
Others are strengthening the agro-business value chain, improving security and diversifying the economy according to Governor Diri.
On the sectoral allocations, Works and Infrastructure got the highest vote of N51 billion followed by Agriculture and Natural Resources at N12 billion, Education N4.0 billion and Information, Orientation and Strategy at N1.5 billion.
Special Projects received N1.0 billion, Trade, Industry and Investment and Communication, Science and Technology got N500 million each, Transport got N1.5 billion, Water Resources got N600 million and Health received N4.0 billion.
Culture and Tourism Development got N500 million, Ijaw National Affairs got N1.0 billion, Finance received N3.0 billion, Power N1.5 billion, Budget and Economic Planning N500 million, Lands, Housing and Urban Development N1.0 billion and Youth and Sports Development N500 million.
The 2022 budget is N19 billion lower than the 2021 budget of N329.03 billion which Governor Diri said was used to prosecute several infrastructure projects among others.
