Bauchi Gov Presents N300bn Budget For 2024 To Assembly
Bauchi State Governor, Bala Mohammed, on Thursday, laid before the State House of Assembly, a budget proposal of N300 billion for the 2024 fiscal year for consideration and subsequent passage.
He said that the 2024 budget, christened ‘Budget of Consolidation and Renewed Focus,’ is made up of recurrent expenditure of N121.3 billion (40.4 per cent) while capital expenditure receives the sum of N178.8 billion (59.6 per cent).
Mohammed stated that the budget was prepared based on the Medium-Term Expenditure Framework in compliance with the Bauchi State Fiscal Responsibility Law (2009).
The Governor said that the budget proposal further complies with the National Format and Chart of Accounts, aimed at improving the quality of financial reporting in line with the International Public-Sector Accounting Standards.
He noted that the 2024 budget was predicated on the assumptions of an oil production projection of 1.78 million barrels per day; a benchmark oil price of 73.96 US dollars per barrel; an exchange rate of N700 to the US dollar; an improved level of revenue accruals into the Federation Account arising from oil subsidy removal and an improved and efficient system of internally generated revenue collection.
“The sum of N300,219,705,820.60 has been Budgeted for Capital and Recurrent services during the 2024 fiscal year.
“This comprises recurrent expenditure of N121.3 billion or 40.4% while capital expenditure receives the sum of N178.8 billion or 59.6%.
“The 2024 proposed Budget is 48.2% higher than the budget I presented at this House for 2023. The increase is attributable to the increased revenue arising from the subsidy removal and the upward inflationary trends associated with the depreciating state of the local currency,” he said.
He said that this implies an increase in prices upon which our projects and programmes will be implemented. The adoption of this conservative approach is to ensure that projects and programmes captured are appropriately costed.
According to him, the process of the preparation of the budget has been all inclusive as Budget Public Hearings were conducted in the three Senatorial Zones where inputs from stakeholders were elicited and incorporated into the Budget proposal
The Governor stated that the government was only able to achieve about 51.6% in the implementation of the 2023 budget as of 30th September 2023.
In his response, the Speaker, Babayo Akuyam, assured the Governor that the lawmakers would expedite action on the budget.
“I assure you that we will expedite action on the budget and before the end of the year, we ensure that the budget is passed so that you can continue with the good work you’re doing for the benefits of the people of the state.
“I want to call on all MDAs to appear before the House to defend their budget. We will not tolerate any MDAs who fails to appear to defend its budget,” he warned.
