Abuja Business Reports Newspaper & Magazine

…Authoritative Business News Everytime

Inuwa Yahaya, Other North East Governors Meet In Damaturu, Yobe State

Gombe State House of Assembly Passes 2022 Budget

Share To Social Media

This post has already been read 411 times!

Gombe State House of Assembly has passed into law, the State’s 2022 Appropriation Bill of One Hundred and Fifty Four Billion, Nine Hundred and Sixty Three Million, Nine Hundred and Sixty Four Thousand Naira. (N154,963,964,000.00) reflecting an increase of Three Hundred and Fifty Three Million, Three Hundred and Fifty Thousand Naira (N353,350,000.00) over the initial sum of One Hundred and Fifty Four Billion, Six Hundred and Ten Million, Six Hundred and Fourteen Thousand Naira (N154,610,614,000.00) proposed by Governor Muhammadu Inuwa Yahaya.

Presenting recommendations to that effect contained in a report of the House Committee on Appropriation on the floor of the House, the Chairman of the Committee Aliyu Baba Manu said this year’s Budget Estimate is derived from Gombe State Development Plan (DEVAGOM) 2021-2030, Medium Term Expenditure Framework (MTEF), Fiscal Strategy Paper (FSP) and Budget Policy Statement (BSP) 2022-2024 with Macroeconomic assumptions of Oil production of 1.8 Million Barrels Per Day at $57 per barrel, exchange rate of N410.15 to a US Dollar and Mineral Ratio of 31% taking cognizance of the expected Inflation Rate of 13.50% among others.
He said the Budget is made up of a Capital Expenditure of Eighty Three Billion, Four Hundred and Ninety Three Million, Four Hundred Thousand Naira (N83,493,400,000.00) representing 53.9% and a Recurrent Expenditure of Seventy One Billion, Four Hundred and Seventy Million, Five Hundred and Sixty Four Thousand Naira (N71,470,564,000.00) representing 46.1%.

ALSO READ  Arewa Pastors’ Forum Declares Katsina the Most Religiously Tolerant State

He added that, the Budget which has an opening balance of Six Billion Naira (N6,000,000,000.00) will be funded with Recurrent and Capital Receipts of One Hundred and Sixty one Billion, Four Hundred and Ninety One Million, Nine Hundred and Seventy Four Thousand Naira (N161,491,974,000.000) with a deficit that will be financed with Internal and External Borrowings of Fifty Six Billion, Eight Hundred Million Naira (N56,800,000,000.00) leaving Four Billion, Four Hundred and Fourty Nine Million, Eight Hundred and Five Thousand Naira (N4,449,805,000.00) as Closing Balance.
Giving the Sectoral Allocation of the Capital Expenditure, Aliyu Baba Manu said the Economic Sector has the highest allocation of Fifty Seven Billion, One Hundred and Ninety Six Million One Hundred Thousand Naira only (N57,196,100,000.00) representing 68.6% followed by Social Sector with Nineteen Billion, Three Hundred and Sixteen Million Two Hundred Thousand, Naira (N19,316,200,000.00) representing 23.1% while Administrative, and Law and Justice Sectors have Four Billion, Three Hundred and Seventy Four Million Naira (N4,374,000,000.00) representing 5.2% and Two Billion, Six Hundred and Seven Million, One Hundred Thousand Naira (N2,607,100,000.00) representing 3.1% respectively.

ALSO READ  2023: Why Christians Should Vote In SDP - Queen Lilian Adebayo

After thorough debate, the House approved the size and the sectoral allocations of the 2022 Budget as well as all the Virements made in 2021 Budget as recommended by the Appropriation Committee.

Speaking shortly after the passage of the Budget, the Speaker, Rt Hon. Abubakar Mohammed Luggerewo commended the Appropriation Committee for presenting an articulate report that guided the House in taking informed decision despite the short time given to it.

He commended Governor Muhammadu Inuwa Yahaya for the good performance in the implementation of the 2021 Budget and proposing a people oriented 2022 Budget with a Capital to Recurrent Expenditure Ratio of 53.9 to 44.1 percent taking cognizance of macroeconomic indices.

While calling on the Executive to ensure the effective implementation of the budget as approved by the House, the Speaker urged Standing Committees of the House to be diligent in oversighting on MDAs under their purview to achieve appreciable performance in the implementation of the 2022 Budget.

ALSO READ  Ebonyi ALGON Distances Self From “ALGON” IMC, Says It's Illegal, Not Inaugurated


Discover more from Abuja Business Reports Newspaper & Magazine

Subscribe to get the latest posts sent to your email.

Discover more from Abuja Business Reports Newspaper & Magazine

Subscribe now to keep reading and get access to the full archive.

Continue reading