Nasarawa State Governor Abdullahi Sule has presented the 2021 budget proposal of N112. 92 billion to the members of the state House of Assembly for consideration and approval.
The governor, while presenting the 2021 budget, said the COVID-19 necessitated a downward review of the budget in line with national standard occasioned by dwindling revenue to N62,968,348,139, which was signed into law on Tuesday, 28th July, 2020.
Sule, who tagged the budget as “Budget of Economic Recuperation”, said that it was in compliance with section 121(1) of the 1999 Constitution of the Federal Republic of Nigeria (as amended), said the budget framework shown an increase of N4,478,368,930 over and above the Fiscal Year 2020 original budget estimate translating to 4.13 per cent increase.
The governor, who continued to express worry over the COVID-19 pandemic, said his administration has resolved to continue to entrench the culture of transparency, accountability, and prudent management of the lean resources at the disposal of the government.
“The revised budget was primarily targeted at the control and containment of the spread of the Coronavirus pandemic, by way of preventive measures and emergency preparedness and response,” he added.
“The budget is so christened because in our considered opinion, it is a budget of economic recovery and revitalization targeting at addressing some of the negative economic challenges encountered in the Fiscal Year 2020.
“The total expenditure outlay of the 2021 estimate is in the sum of One Hundred and Twelve Billion, Nine Hundred and Twenty-three Million, One Hundred and Seventy-four Thousand, Five Hundred and Forty-three Naira (N112,923,174,543) only.
“A total of N51,050,456,817 only representing 45.21 per cent of the budget is earmarked for Non-debt Recurrent Expenditure which consist of both personnel and overhead costs.
“The sum of N54,854,985,695 only representing 48.58 per cent of the total budget is earmarked as Capital Expenditure for the year 2021.
“Similarly, the sum of N7,017,732,031 has been allocated to Consolidated Revenue Fund Charges for debt servicing, pension and gratuity. This represents 6.21% of the total budget.”