Governor. Babagana Umara Zulum of Borno state has presented the sum of N134, 500, 932 billion as proposed Budget for 2020 fiscal year before the State House of Assembly for passage into law.
Presenting the Budget Proposal to the Borno State House of Assembly at the floor of the Assembly Complex Maiduguri Monday, Governor Zulum said ,”the 2020 Budget proposal is named, ” Budget of Recovery and Stabilization “.
” The proposed size of the Budget of Recovery and Stabilization is N134, 500,932 00 with the recurrent expenditure of N67,540,524,00 and capital Expenditure of N66,969,399,000,00. This represents 50.37% Recurrent Expenditure and 49.7% capital Expenditure, ” Zulum said.
According to him, the 2020 budget is slightly less than that of the 2019 by about 7.5% as the proposed crude oil price benchmark of US$57 per barrels was used as against US $60 for the last year.
Prof. Zulum further explained that ” total Revenue stood at N24,273,696,00, total Recurrent Revenue N99,236,030,00, total Recurrent Expenditure N57,549,524,000, Total Capital Receips, total N66, 960,399,00 and Exoabditure N66, 960,399,00, “.
The Education sector has the lion share of the budget with over N23 billion which constitutes about 20 percent of the total. budget followed by the Ministry of Finance which has N19.1 billion, ministry of Health has about N12 billion, while the service commission has least with N97,500,000 .
The 2020 budget which was tagged budget of Recovery and Stabilization, according to him, was to rejuvenate the decapitated economy, inject hope and strengthen resilience in the people in the fight against insurgents, restore hope and confidence in governance and bestow dividends of democracy to better the lives of the people.
While appreciating the cordial relationship between the Executive and the Legislature, Governor Zulum said ,” I therefore crave your indulgence to critically examine this budget, while taking into cognizance the needs and aspirations of the people”.
Responding, the Speaker Borno State House of Assembly, Rt. Hon. Abduljkareem Lawan said, “no doubt the well articulated 2020 budget proposal will address the needs and aspirations of our People “
” I assure you of our commitment to work with the executive to better the lives of our people”.
” On our parts as legislatures, be rest assured of our support at all times and accelerated passage of the 2020 appropriation Bil”, Lawan said.
SOURCE :The Nigerian Voice (business)