Ortom presents N189.5b appropriation bill for 2020 to Benue Assembly
Benue State Governor Samuel Ortom has presented a proposed budget estimate of N189,483,511,025 to the House of Assembly for the 2020 fiscal year.
Ortom in his ‘Budget of Advancement, Growth and Development’ speech yesterday, said the budget would ensure adequate provision for implementation of programmes that can reflate the state’s economy and accelerate growth.
He explained that the budget would be targeted at completing on-going projects and the consistent payment of personnel emoluments.
The budget will be funded by N42.76 billion revenue from the Federation Account Allocation Committee (FAAC), N31.89 billion from independent revenue, N13.33 billion from value-added tax (VAT) and N96.92 billion deficit financing, he added.
His words: “The 2020 proposed recurrent expenditure will be N114,548,525,887.”
According to him, N50,637,250,646 will be for personnel cost, while N63,911,275,240 will take care of the overhead costs. “The 2020 draft budget earmarked N74,934,985,138 for capital projects.”
The governor further said allocations to sectors were in tune with the needs of the sectors and the anticipated availability of the resource.
The Guardian gathered that based on the sectoral budget presented by the governor, the economic sector has N73,790,691,145, social sector N64,613,349,889 administrative sector N48,278,003,228, while law and justice sector has N2,801,466,763.
Speaker of the house, Titus Uba, lauded the governor for timely presentation of the appropriation bill and pledged members’ cooperation for urgent passage into law to fast-track development in the state.
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