Gombe State Assembly passes 2022 budget of N154.9b
Gombe State House of Assembly has passed the 2022 Appropriation Bill of N154.9 billion into law with an increase of N353 million over the N154.6 billion Governor Muhammadu Inuwa Yahaya proposed.
Chairman, House Committee on Appropriation, Aliyu Baba Manu, who briefed the House on the budget estimates, said the law was derived from the state Development Plan (DEVAGOM) 2021-2030, Medium Term Expenditure Framework (MTEF), Fiscal Strategy Paper (FSP) and Budget Policy Statement (BSP) 2022-2024.
He also explained that the budget estimate was anchored on macroeconomic assumptions of 1.8 million barrels of oil per day at $57 per barrel, exchange rate of N410.15 to one United States dollar and mineral ratio of 31 per cent and an anticipated inflation rate of 13.50 per cent, among others.
Manu said the budget comprised capital expenditure of N83.493 billion representing 53.9 per cent, recurrent expenditure of N71.4 billion or 46.1 per cent and an opening balance of N6 billion.
“The budget will be funded with recurrent and capital receipts of N161.4 billion with a deficit to be financed with internal and external borrowings of N56.8 billion, leaving a closing balance of N4.449 billion.
Giving the sectorial allocation of the capital expenditure, Manu said the economic sector has the highest allocation of N57.196 billion or 68.6 per cent, followed by social sector with N19.3 billion representing 23.1 per cent, while administrative, law and justice sectors have N4.4 billion or 5.2 per cent.
After considering the bill, the House approved the size and the sectorial allocations of the 2022 Budget and the virements in the 2021 Budget as recommended by the committee.
Speaker of the House, Abubakar Mohammed Luggerewo, commended the committee for what he described as ‘articulate report that guided the House in taking informed decision within a short time.”
He commended Yahaya for the impressive performance in the implementation of the 2021 Budget and for proposing a people-oriented 2022 Budget with a capital to recurrent expenditure ratio of 53.9 to 44.1 per cent, taking cognisance of macroeconomic indices.
The Speaker urged the executive arm of government to ensure effective implementation of the budget and enjoined the standing committees of the House to be diligent in their oversight functions of Ministries, Departments and Agencies (MDAs) under their purview to achieve better performance in the implementation of the 2022 Budget.