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Zulum presents N268 billion budget for 2022 fiscal year

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Zulum presents N268 billion budget for 2022 fiscal year

By Tada JUTHA, Maiduguri

Governor Babagana Zulum of Borno state has presented a budget of N268 billion to the House of Assembly for the 2022 fiscal year.

According to him, the budget aims at accelerating the reconstructions of destroyed communities for safe return of 1.7 million displaced persons with livelihoods.

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He said that the appropriation bill tagged: “Hope for the post-conflict stability,” has capital expenditures of N172.53 billion, while N95.4 billion was allocated for recurrent expenditures.

Zulum added, the 2022 budget will be financed from recurrent revenues of N113.84 billion, which comprise statutory allocations of N48.22 billion, Internally Generated Revenue (IGR) of N34.53 billion, N20.72 billion VAT and the federal account sources of N10.37 billion.

Besides, he disclosed that a capital receipt of N154.1 billion is also being complemented with loans and grants to finance the budget.

He noted that the financing of the appropriation bill is based on next year’s anticipated increase in IGR by over 50 percent.

“There is improved collection of revenues; as a result of governance and relative improvement in security,” he assured the legislators.

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In a breakdown of sectoral allocations, Education took the lion’s share of N38.1 billion, while the Ministries of Finance, Budget and Economic Planning; and the Reconstruction, Rehabilitation and Resettlements (RRR) were allocated N30,46 billion and N23.8 billion respectively.

Zulum presents N268 billion budget for 2022 fiscal year

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