Zulum presents N340.6 billion budget for 2024 to State Assembly
By Njadvara Musa, Maiduguri
Borno State Governor, Babagana Zulum has presented a N340.6 billion budget for 2024 fiscal year to the State House of Assembly.
According to him, the budget is predicated on the Federal Government’s fiscal forecast for the 2024-2026 Medium Term Expenditure Framework (MTEF).
Presenting the appropriation bill on Wednesday, in Maiduguri, the Governor disclosed: “The 2024 Budget of Consolidation and Progress comprises N198.3 billion capital expenditures, while the recurrent expenditures stood at N142.32 billion,” noting that there was an increase of N106 billion or 45 per cent over this year’s budget of N234.8 billion.
Read Also: Africa’s Best Player: Osimhen Agrees Napoli Contract Extension
He said the budget is to be financed from the recurrent revenues of N206.8 billion from the Federation Accounts Allocations Committee (FAAC) and Internally Generated Revenues (IGR).
On other sources of implementing the budget, Zulum further disclosed that will be financed by capital receipts of N128.82 billion.
He explained that the capital receipts included Aid and Grants, as well as capital development funds.
Speaking of the economic and other sectoral allocations of the budget, he said that the Ministry of Finance and Economic Development to the lion’s share of N53.81 billion.
Besides, he added that the Ministry of Education, Science, Innovation and Technology (ESIT) was earmarked N39.41 billion, while the Works sector had N45.4 billion.
