Simon Oluwatobi, reporting
Governor Yahaya Bello of Kogi State, submitted a comprehensive budget proposal of N258.27 billion to the Kogi State House of Assembly on Monday for consideration and approval.
Named “The Budget of Consolidation and Continuity for Inclusive Growth” for the year 2024, the budget was divided into a Recurrent Expenditure of N145,736,429,609 (56.43%) and a Capital Expenditure of N112,542,071,730 (43.57%).
During the presentation in the Assembly chamber in Lokoja, Governor Bello highlighted that the total budget for 2024 witnessed an increase of N60,678,826,427 (30.71%) compared to the approved reviewed budget for 2023, which was N197,599,674,912.
He detailed the estimated recurrent revenue for 2024, with N30,235,332,685 from internal sources and N85,650,179,027 from statutory allocations from the Federation Account, among other revenue streams.
Governor Bello outlined the breakdown of expenditures, stating that the estimated Personnel Cost, Overhead Cost, and Public Debt Charges for 2024 were N65,071,493,479, N56,693,794,550, and N8,871,141,580, respectively, resulting in a total recurrent expenditure of N145,736,429,609.
Presenting his final budget as Kogi State’s Executive Governor, Bello emphasized that the 2024 draft budget aimed to boost Internally Generated Revenue (IGR) and aggressively pursue the repayment of the state’s debts owed by the federal government.
He also stressed its role in creating a conducive environment for development partners and mobilizing private sector investments.
The budget, according to Governor Bello, focuses on physical infrastructure, human capital development, job creation, wealth creation, and poverty reduction.
He pledged prudent resource use and increased expenditures in areas such as health, education, agriculture, water resources, environment, housing, and programs supporting women and youth empowerment.
Speaker Aliyu Umar Yusuf, in his welcome address, commended Governor Bello for developing a comprehensive blueprint for the state’s new phase of development. He assured legislative support to achieve the strategic objectives of the administration for the benefit of Kogi State’s economy.