Friday, 1 January 2016

Ortom presents N133.4 billion Budget Christened “Budget of Trust, Confidence and Credibility”

The Benue State Governor, Samuel Ortom has presented the total sum of N133.4billion budget appropriation bill for the 2016 fiscal year to the state a house of Assembly.

Christened “Budget of Trust, Confidence and Credibility”, the budget was shared among five sectors including Administration, Economic, Law and Justice, Regional as well as Social with the Economic sector having the largest share of N58.4billion.

The social sector is to take the sum of N49.3 billion, followed by the Administrative sector with the sum of N21.9billion while the Law and Justice sector as well as the Regional sector having N2.9 billion and N753.9 million respectively.

The projected capital expenditure is N67.4 billion representing 50.55 percent of the total budget estimate while the total projected recurrent expenditure is put at N65.9 billion representing 49.45 percent of the total budget estimate for 2016 fiscal year.

Presenting the budget on the floor of the House, Governor Ortom noted that since the outlook for both national and international global economy in 2016 is very cloudy with the projection of International Monetary Fund (IMF) of less than $20 per barrel of crude oil in 2016, his administration would not relent in its effort to strengthen the machinery of internal revenue generation.

“We have already commenced this effort with the repositioning of Benue State Internal Revenue Service (BIRS). We shall continue to take necessary steps to ensure that all provisions for counterpart funds are matched and utilized accordingly while applying prudent measures to government expenditure at all times.”

He stated further that assumptions such as the revenue sharing formula with respect to the federation account and value added tax, continued institutional strengthening of IGR, full application of technology to achieve total blockage of all leakages in IGR as well as stability in political and economic operating environment would be used in considering the expenditure profile of government in 2016.

Responding, Speaker of the Assembly, Terkimbi Ikyange while commending the Governor said the people of the state voted for change stressing that if the 2016 budget is fully implemented, the Benue people would be proud of the change they voted for.

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