by Usman Alabi
The budget is tagged: ‘Budget of New Direction”
The total figure of the Budget is N174 billion divided into recurrent expenditure of N58,531,404,254 representing 33.47% and capital expenditure of N116,320,140,269 representing 66.53%
The budget is an increase of N74,852,870,262 or an increase of 74.85% compared with 2016 approved budget.
Administration gulps N43,442,160,340 representing 24.84% of the budget
Economic sphere would take N80,424,600,499 representing 45.99% of the budget
Law and Justice takes N6,886,015,914 representing 3.94% of the budget
Social sector takes N44,098,767,770 representing 25.23% of the budget
Estimated recurrent revenue is N81,666,312,024 consisting of N32,181,492,459 from internal sources, N35,309,699,767 as State’s share from the Federation Account. N8,085,355,569 revenue from value Added Tax (VAT), N2,209,764,229 from exchange differencials and N3,880,000,000 from Budget Augmentation.
Hence funds available for recurrent expenditurein 2017 is N81,666,312,024, of which estimated personnel cost for the period is N32,734,234,264 whereas N25,797,169,990 is overhead costs thereby giving total recurrent expenditure for the year 2017 to be N58,531,404,254.
Total transfer surplus from the above is N23,134,907,770 which becomes the Capital Development Fund.
Estimated capital receipt is N93,185,232,499 comprising N63,185,232,499 of capital receipt analysis by economic, N30,000,000,000 as Aids and Grants. But the addition of Transfer surplus of N23,134,907,770, total funds available for capital development projects is N116,320,140,269.
Based on the above, in the words of the governor “In summary, our total estimated revenue (ie recurrent revenue and capital receipts) stands at N174,851,544,523 for the year 2017, making total estimated expenditure (i.e Recurrent and Capital) stands at N174,851,544,523 for the year 2017 thereby making our 2017 Budget a balanced budget.
The budget performance for the 2016 budget is a little above 50 per cent, in respect to this do you think the state has what it takes to achieve more than a seventy per cent budget performance, even if the budget is a balanced budget. Share your views with us in the comment box below.
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