Yahaya Bello, the governor of Kogi State, submitted a N258.27 billion overall budget estimate to the State House of Assembly on Monday for review and approval.The budget projection for 2024, titled "The budget of consolidation and continuity for inclusive growth," was broken down into two categories: capital expenditure (N112,542,071,730:00) representing 43.57% and recurring expenditure (N145,736,429,609:00) representing 56.43%.
In the hallowed chamber of the Assembly in Lokoja, Bello presented the draft budget for 2024 to the State House of Assembly for consideration and approval. He said that the total budget package for 2024 is N258,278,501,339:00, with an increase of N60,678,826,427:00, or 30.71%, when compared to the approved reviewed Budget for 2023, which was N197,599,674,912:00.
"The recurrent revenue for the year 2024 stands at N168,406,138,861:00 consisting of N30,235,332,685:00 from internal sources while N85,650,179,027 will come from statutory allocation from the Federation Account among others," the governor stated, speaking about the total estimated recurrent revenue for the 2024 Budget.
He states that the overall recurrent expenditure for 2024 will be N145,736,429,609:00 due to the expected costs for personnel, overhead, and public debt charges for the same time, which are N65,071,493,479:00, N56,693,794,550:00, N8,871,141,580:00, and N15,100,000,000:00, respectively.
In his final budget presentation as Kogi State's executive governor, Bello said that the 2024 draft budget was created with an emphasis on increasing internally generated revenue (IGR) and pursuing a vigorous approach to having the federal government refund debts owed to the state.
He continued by saying that the budget would also create an atmosphere that would be more favorable for the state's international development partners, allowing them to support the state's economy.
In addition, it is anticipated that 2024 will bring in private sector investments to the state, promote public-private partnerships (PPPs), stop all revenue leaks and wastages, and complete all ongoing projects and programs. New initiatives will be offered in accordance with the New Direction Administration's priorities.
"The budget will prioritize the ongoing provision of physical infrastructure, the development of human capital, the creation of jobs, wealth, and the alleviation of poverty in Kogi State." These will be accomplished by making wise use of our resources and increasing the amount we spend on housing, health, education, agriculture, water resources, the environment, and programs that empower women and young people.
In his welcoming remarks, Speaker of the Kogi State House of Assembly Aliyu Umar Yusuf commended Governor Yahaya Bello for his efforts in creating a detailed plan for the state's upcoming phase of development.
He gave the state's citizens the assurance that the executive would have the backing of the legislature required to guarantee that the new administration's strategic goals are realized in the best interests of the state.
"I want to further assure you that this Assembly is committed to supporting the executive arm to achieve improved economy for Kogi State in the years to come," he added. "The parliament, without a doubt, plays critical roles in shaping the fiscal curve of the state."