The estimated 2024 budget, which totals N300,219,705,820, was submitted by Bauchi State Governor Bala Mohammed to the Assembly on Thursday for review and approval.
Mohammed claimed to have labeled the paper as the "Budget Of Consolidation and Renewed Focus," noting that N178,878,512,477.49 (59.6%) went toward capital expenditures and N121,341,193,343.11 (40.4%) went toward recurrent expenses.
The planned budget for 2024 by the State is 48.2% more than the budget for 2023. Mohammed ascribed this to rising inflationary tendencies brought on by the local currency's depreciation as well as the increased revenue from the elimination of subsidies.
This suggests that our projects and programs will be implemented with higher costs. The purpose of taking this cautious approach is to make sure that programs and initiatives are adequately funded, the speaker stated.
Muhammad aspired to the MPs' unwavering support and collaboration for the advancement of the State and the betterment of its people's life. "I want to take this opportunity to encourage our folks to support our development objectives of making our State a better place for all of us as we become settled into our role as governors heading into the second term.
"We will keep working to secure the current state of peace, security, and the preservation of citizens' lives and property. The Almighty Allah, in whom we genuinely believe, is the one in whom we have complete faith. I would like to thank you for paying close attention to the 2024 budget ideas.
In order to allow the government to carry out the programs and initiatives that will have a major influence on our people, I would like to make an appeal to the Honorable House to move quickly to enact the Budget into law.