Connect with us

General news

Gov. Lalong presents N172bn budget for 2020

Published

on

Gov. Simon Lalong of Plateau on Tuesday, presented a budget of N172.5 billion for 2020 to the state House of Assembly for consideration.

Lalong said that the budget was N19 billion higher than the 2019 figure of N153.5 billion.

The governor said that N198.1 billion representing 56 per cent of the budget christened ‘Budget of Rescue and Infrastructural Consolidation’ was for recurrent expenditure while N74.4 billion was for capital expenditure.

He said that the budget would be funded through Internally Generated Revenue (IGR), statutory revenue allocation, and reimbursement from Federal Government on roads constructed by the State Government.

Lalong added that the budget would also be funded through Value Added Tax (VAT), draw downs from donor project and domestic grants among others.

“It is estimated that the state will raise ₦21.2 billion from IGR, N46 billion from statutory revenue allocation, and N2.5 billion from reimbursement for federal roads constructed by the state government.

“Others include NNPC, Petroleum Profit Tax (PPT), Exchange Gains Rate, etc., amounting to N1.5 billion, VAT N18 billion, draw downs from donor projects N14.7 billion and external loan of ₦12 billion.

“Furthermore, we expect N9 billion from Investment (General), N4. 6 billion from Domestic Grants and N42.9 billion Domestic Loans,” he said.

Lalong said that in spite of government’s efforts at articulating prudent estimate projections, the 2019 budget remained in deficit financing in the sum of ₦32.9 billion

The deficit according to him represents 19 per cent of the budget.

He, however, added that funds would be sourced locally and internationally to close the deficit as the need arise.

Under sectoral breakdown, Lalong said N11.6 billion was earmarked for the administrative sector, N44 billion for economic sector, N18 billion for social sector and 600 million for law/justice sector.

“In this fiscal year under sub-sectors, the sum of N15.5 billion is allocated to water resources and energy while works and transport is allocated the sum of N14.2 billion.

“The sum of N10. 7 billion is allocated to education, N2.1 billion for agricultural programme and women, youth and sports will get N1.6 billion.

“The estimate for environment and mineral sub-sectors is N7.1 billion, while the sum of N4.5 billion is allocated to the health sector.

“The commerce and industries sub-sector is allocated the sum of N1.5 billion with information and communication taking N1.2 billion,’’ he said.

The Speaker, Ayuba Abok thanked the governor for fulfilling the constitutional mandate of presenting the budget to the house for consideration and passage.

Abok assured the governor on behalf of his colleagues that the appropriation bill would be given the expeditious attention it deserved.

He, however, appealed to the governor to present the 2021 budget by September 2020 to enable the house consider and pass it by December of the same year.

Edited & Vetted By: Emmanuel Okara/Ali Baba-Inuwa
(NAN)

Contact US: editor@nnn.com.ng, nnnnews247@gmail.com

Recent Posts

January 2020
MTWTFSS
« Dec
12345
6789101112
13141516171819
20212223242526
2728293031

NNN News Nigeria: NNN is an online Nigeria news portal that publishes breaking news in politics, business, entertainment, sport, security, features, opinion, environment, education, technology, and the world news at large. NNN publishes only news that is factual, credible, verifiable, authoritative and investigative. NNN is a media subscriber of the News Agency of Nigeria. NNN is a unique media organization that is founded in the spirit of Article 19 of the Universal Declaration of Human Rights, comprising of ordinary people with an overriding commitment to seeking the truth and publishing it without fear or favor. Contact: editor@nnn.com.ng

© 2014 - 2019 NNN News Nigeria. All Rights Reserved.

editor@nnn.com.ng