Darius Ishaku, the governor of Taraba State has on Friday, December 20, 2019, presented a budget estimate of N213.6 billion to the House of Assembly for approval.
The appropriation bill, which the governor calls “the Budget of Accelerated Growth and Development,” has an increase of N67.5 billion (about 31.61 percent) when compared to the 2019 budget.
Ishaku said his estimation is guided by macroeconomic variables such as: international oil price benchmark of $57 per barrel, oil production quota of 2.18 million barrels per day, United States Dollar exchange rate to N305, inflation rate of 10.81 percent and a Gross Domestic Product (GDP) growth rate of 2.93 percent.
The governor said the N213.6 billion budget will be funded through: Internally Generated Revenues, IGR, estimate of N6.3 billion (representing 2.99 percent of the budget), federal statutory revenue of N85 billion (representing 39.79 percent), Value Added Tax, VAT, of N15 billion (representing 7.02 percent) and domestic borrowing of N77.5 billion (representing 36.28 percent).
Other sources of internal flow, Ishaku said, include: Aids and grants loan of N9.9 billion (representing 4.65 percent), external loan estimate of N7.3 billion (representing 3.44 percent) and federal government refund of N12.4 billion (representing 5.83 percent).
A total breakdown of the budget shows that Recurrent Expenditure is estimated at N71.5 billion, made up of total personal cost of N27.3 billion, overhead cost of N28.1 billion and consolidated revenue fund charges of over N16 billion.
The 2020 budget has a Capital Expenditure of N142 billion, with Work, Housing and Transport ministry carrying the lion share of over N77 billion.
Other priority areas include: Health (N14.8 billion), Education N11 billion, Agriculture N8.5 billion and Rural and Community Development, which carries N4.7 billion.
‘Governance’ is allocated N2.8 billion, Executive N3.8 billion, Law and Justice N2.2 billion, while the Legislature has N1.7 billion.
Ishaku said his administration will “grow Infrastructural development and take it to another height.”
“My administration will also place high premium on human capital development for Taraba youths, hence the high allocation to education and health.
“This is essential because my Rescue II agenda is hinged on human capital development,” the governor said.
Joseph Albasu Kunini, the Taraba State House of Assembly speaker, said the implementation of the 2020 budget will consolidate on the numerous gains already recorded over the years.
“We assure you (governor) of our willingness and readiness to give the 2020 budget the desired attention, with a view to passing it in good time for implementation.”
Read more at The Nation
