In a strategic move geared towards bolstering development and addressing critical needs in Borno State, Governor Babagana Zulum has announced a groundbreaking budget of N340.5 billion for the fiscal year 2024. The budget breakdown reveals a judicious allocation of resources, with N198.2 billion earmarked for capital expenditure and N142.3 billion designated for recurrent expenditures.
The visionary budgeting approach is set to tap into various funding sources. Governor Zulum detailed that N206.8 billion would be sourced from recurrent revenue, combining federal allocation and internally generated revenue. Additionally, capital receipts are projected to contribute N128.8 billion, derived from aids, grants, and capital development funds.
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Zulum emphasized that the budget projections align with the Federal Government’s fiscal forecast for the 2024-2026 Medium Term Expenditure Framework, ensuring a cohesive and synchronized approach to financial planning. The internally generated revenue forecast reflects a pragmatic assessment of the current economic landscape.
The Governor expressed gratitude to the legislative arm of government for its unwavering support, which has been instrumental in driving development within the state. Urging swift action, he called upon the legislature to expedite the passage of the 2024 budget, emphasizing its critical role in steering the state towards progress.
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A detailed breakdown of the budget reveals strategic allocations to key sectors. The Ministry of Finance and Economic Development takes the lead with a significant allocation of N53.8 billion, underscoring the pivotal role of fiscal management in the state’s development. Following closely is the Health sector, allocated N51.1 billion, highlighting the government’s commitment to the well-being of its citizens.
Other notable allocations include N45.4 billion for the Ministry of Works, demonstrating a focus on infrastructure development, and N39.4 billion for Education, reflecting the government’s commitment to providing quality education.
As Borno State prepares for a transformative fiscal year, Governor Zulum’s budget proposal signals a resolute commitment to addressing key developmental challenges and fostering sustainable growth.
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