ASHENEWS reports that infrastructure, education, agriculture, and the health sector are priorities for the Niger State government as outlined in the state’s 2024 budget estimate.
The Niger State governor, Mohammed Umaru Bago presented the state’s 2024 budget christened Budget of the Future on Tuesday at the Niger State House of Assembly Complex.
The budget estimate is to the tune of N613, 274,081,698.17.
The governor said the estimate is predicated on an exchange rate of N750 to a dollar, an oil benchmark of $65 per barrel, and an oil production estimate of 1.60 million barrels per day.
The governor said the deficit will be financed through new borrowings totaling N315.3 billion with N256.5 billion to be gotten from loans while N58.8 billion will be secured through grants.
He said that the state government has projected an expected N5.1 billion monthly Internally Generated Revenue.
This target, he said will be achieved through the abolition of “generate and “utilize by all Ministries, Departments and Agencies (MDAs).
“The proposal is made up of N149,217,969,152.00 representing 24.33% as recurrent expenditure and N464,056,832,546.60 or 75.67% of the total budget size as capital estimate.
“The budget is to be financed through Recurrent Revenue of N298,052,655,520.00.
“The proposed recurrent expenditure for the year 2024 fiscal year is N149,217,969,152.00 representing 24.33% of the budget.”
The governor announced an estimated Personnel Cost of N50,614,456,657.11, Overhead Cost was pegged at N29,446,590,341.00, and a Consolidated Revenue of N69,156,922,153.39
The governor also said that the state government has proposed a capital expenditure of N464,056,832,546.60 or 75.67% of the total budget size.
He said that the state government will also implement the State and Local Governments Harmonized Revenue Law, and automate its IGR collection routes to block leakages.
He equally announced the introduction of 5% contract processing fees and entertainment in Hotels and Resorts among others.
The governor said his administration will in the first quarter of 2024, launch its long-term, medium-term, and all sectoral plans.
“The 2024 Budget will also focus on self-sufficiency through intensive internal revenue generation by exploring all available sources, blocking leakages, and all revenue-generating MDAs to account for all revenue receipts.
“To this end, the practice of “generate and utilize” by all MDAs including tertiary institutions is hereby abolished. Mechanisms for the operation of this directive are being worked out as we diversify the State revenue base.
“We will reinvigorate our efforts in genuine public-private initiatives to attract both domestic and foreign direct investment into the state. We will key into the National Financing Framework, encourage Corporate Social Responsibility, and facilitate the ease of doing business to encourage investors and industrialists to the State.
“Also, the intervention of Development Partners will continuously be effectively coordinated, monitored, and evaluated to ensure maximum results.
“To achieve our vision, sustainability will be mainstreamed into all our plans, particularly through our green economy initiative. All hands, therefore, must be on deck to ensure we succeed,” he said.
This online platform reports that the government had allocated N42.7 billion in the 2024 budget to the health sector, N43.5 billion to the Agric sector while N220.6 billion was allocated for infrastructure, lands, and Urban Renewal.
The governor proposed the sum of N76.3 billion to the education sub-sector, N13.7 billion to the livestock sub-sector, N5.2 billion for the water supply sub-sector, and N2.7 billion for the law and Justice sector.
