Yobe State Governor Mai Mala Buni on Thursday presented a N320.8 billion Appropriation Bill for the 2025 fiscal year before the state House of Assembly on Thursday.
Speaking at the occasion in Damaturu, Mr Buni said that the estimates tagged “Budget of economic consolidation and poverty reduction” were aimed at completing ongoing projects in the state.
He said N176.8 billion was earmarked for capital expenditure while recurrent expenditure was N144 billion.
According to him, the capital and recurrent expenditures represent 51.1 per cent and 44.9 per cent respectively, of the total budget.
He said N156.9 billion was earmarked for the economic sector, N108.5 billion for the social sector, N50.6 billion for the administrative sector and law, peace and justice received N4.8 billion.
Reviewing the 2024 budget, the governor said N216.9 billion was approved to finance both capital and recurrent expenditures for the fiscal year.
He, however, said the actual receipt from federation account allocation, internally generated revenue and opening balance from January to September stood at N206.99 billion, representing 95.4 per cent.
Mr Buni said, “The overall performance of the 2024 budget for both recurrent and capital expenditure was N164.9 billion, indicating 76 per cent success as of September 30, 2024. The volume of both the revenue and expenditure is expected to rise before the end of the year. The unfavourable exchange rate of the naira to the dollar and the unabated inflation rate have continued to negatively impact the execution levels of our projects and programmes. We are optimistic of an increase in the rate of our fulfilment before the fiscal year runs out.’’
The governor commended the assembly for a harmonious working relationship with the executive arm of government.
The Speaker, Buba Mashio, assured the governor that the budget would be given accelerated passage.
