The Benue State House of Assembly yesterday passed an Appropriation Bill of N150.7 billion for this fiscal year. This represents a N17.3 billion increase from the initial N133.3 billion presented to the Assembly by Governor Samuel Ortom.
Speaker of the Assembly, Mr. Terkimbi Ikyange explained that the sharp increase in the approved estimates is as a result of non inclusion of some ongoing projects by Ministry of Finance and additional requests by MDAS for inclusion of some projects which were omitted from the proposed estimates.
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Major highlights of the bill as approved by the State lawmakers shows that Capital Expenditure took the Lion share of N84.1 billion, while the sum of N66.5 billion is set aside for Recurrent Expenditure.
According to the bill, sources of revenue to finance the budget include N45.6 billion from Statutory Allocation, N53.1 billion is from Domestic Loans/Deficit Financing, N10 billion from VAT, N14.8 billion from Internally Generated Revenue among many other sources.
Earlier in a lead debate, Chairman of the Appropriation Committee, Mr. Adam Okloho lamented cases of extra budgetary expenditure and none release of funds as appropriated.
Speaking after the passage of the bill, the Speaker appealed to the State Ministry of Finance to as a matter of priority, make releases as and at when due to enable MDAs complete ongoing Capital Projects and called on all Standing committees of the Assembly to ensure that all MDAs remit all revenue to the consolidated account of the State before expenditures are made, warning that anything short of that will contravene the law and will not be taking lightly by the House.
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Speaker of the Assembly, Mr. Terkimbi Ikyange explained that the sharp increase in the approved estimates is as a result of non inclusion of some ongoing projects by Ministry of Finance and additional requests by MDAS for inclusion of some projects which were omitted from the proposed estimates.
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For inquiries, adverts placement and news tip off, kindly call +2348083720023, +2347031269087 or send us email on: obeyafriday@gmail.com
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2 comments:
That is good for them unlike the Nigerian case as a whole.
Thanks to the government of Benue state.
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