Governor Yahaya Bello Present N176,123,091,931 proposed 2020 Budget to Kogi State House of Assembly

Kogi State Governor, Alh. Yahaya Bello today 4th of December present 2020 proposed budget to the State Kogi House of Assembly.

The budget proposal who was present by the deputy Governor, Edward Onoja, on behalf of the Governor was read on the floor of house.

The sum of N176,123,091,931 were proposed for 2020 budget which is higher that of 2019 budget which is N158,172,060,971.

Read the breakdown of the budget as presented below:

1. The total Budget package for year 2020 is N176,123,091,931 as against N158,172,060,971 Revised Budget for year 2019. This represents an increase of N17,951,030,960 or 10.19% when compared with the 2019 Revised Budget.
2. Mr. Speaker Sir, Honourable Members, Distinguished Guests, Ladies and Gentlemen, I now present to you the year 2020 Draft Budget for your consideration and approval. The Honourable House is invited to note that:
3. We have budgeted a total estimated recurrent revenue of N92,932,509,241 consisting of N21,032,117,213 from internal sources, N50,428,800,000 as State’s share from the Federation Account, N17,500,000,000 revenues from Value Added Tax (VAT), N120,000,000 from Excess crude, 100,000,000 from exchange difference, N130,893,199 as refund from Federal Government, N2,000,000,000 from Non-Oil Revenue, N1,500,000,000 from Forex Equalisation and N120,698,829 from Excess Bank charges.
4. Recurrent Revenue for the year 2020 stands at N92,932,509,241. Out of the above figure, the estimated personnel cost for the period is N32,512,241,598 whereas N46,456,887,139 is Overhead Costs, thereby giving N78,969,128,737 as a total recurrent expenditure for the year 2020.
5. From the foregoing, we have a total estimated Transfer Surplus of N13,963,380,504 as Capital Development Fund.
6. The estimated Capital Receipt is N83,190,582,690 comprising Capital receipts analysis by economic, Aids and Grants. However, if the Transfer Surplus of N13,963,380,504 is added to this amount, we shall have N97,153,963,194 as fund available for capital development projects.
7. Total estimated capital expenditure, therefore, stands at N97,153,963,194.
8. In summary, our total estimated revenue (i.e. recurrent revenue and capital receipts) stands at N176,123,091,931 for the year 2020, making total estimated expenditure (i,e Recurrent and Capital) stands at N176,123,091,931 for the year 2020 making our 2020 Budget a balanced budget.
9. Mr. Speaker Sir, Hon. Members, Distinguished Guests, Ladies and Gentlemen, it is now my pleasure to formally present to you the 2020 Draft Budget for your deliberation and approval.
10. I wish you all a very Merry Christmas and a peaceful, prosperous and fulfilling New Year.
11. God Bless Kogi State.
12. God Bless the Federal Republic of Nigeria.
13. I thank you all.