Aliyu Babangida

The governor of the state, Babangida Aliyu, on Wednesday presented the proposal to the House stating that the fiscal policy comprised a recurrent expenditure of N42.164 billion and a capital expenditure of N38.651 billion.

the News Agency of Nigeria quotes him as saying the financial proposal would be financed through federal statutory allocation, value added tax and internally generated revenue sources.

“The 2015 proposed budget has a total estimated expenditure of N80,815,402,545.00 made up of recurrent estimate of N42,162,221,001.00 and capital estimate of N38,651,181,544.00,” he told members of the House.

He explained that the recurrent expenditure was estimated at N42,814,221,001.00, including personnel cost of N27,159,836,894.00.

The governor also put the overhead cost at N9,438,293,186.00, while consolidated fund charges would be N5,566,090,921.00, totalling 42,164221,001.00.

Aliyu disclosed that N3,645,555,000.00 was earmarked for administrative sector under the capital expenditure, while N23,411,896,993.00 would be spent on economic sector.

Law and justice sector would gulp N936,625,000 and the social sector N10,657,104,551.00, bringing the capital allocation to N38,651,181,544.00.

However, Aliyu said that the state was hit with a double-edged sword because about 80 per cent of the anticipated revenue was coming from the federation account, which is oil dependent, and the remaining 20 per cent from internally generated revenue.

“Our projection therefore is most justifiable given the scenarios playing out in the global oil politics, which has remained cloudy and unpredictable,” he said.