Saturday, 14 May 2016

Benue State Assembly passes N150.7bn budget for the 2016 fiscal year

The Benue State House of Assembly yesterday passed an appropriation bill of N150.7billion for the 2016 fiscal year.

This represents a N17.3billion increase from the initial  N133. 3billion presented to the Assembly by Governor Samuel Ortom.

Speaker of the Assembly, Mr. Terkimbi Ikyange explained that the sharp increase in the approved estimates was as a result of non-inclusion of some ongoing projects by Ministry of Finance and additional requests by MDAs for inclusion of some projects which were omitted from the proposed estimates.

Major highlights of the bill as approved by the state lawmakers indicated that capital expenditure took the lion share of N84.1billion, while the sum of N66.5billion was set aside for recurrent expenditure.

According to the bill, sources of revenue to finance the budget include N45. 6billion from statutory allocation, N53. 1billion was from domestic loans/deficit financing, N10billion from VAT, while  N14. 8 billion is from internally generated revenue among other sources.

The chairman of the Appropriation Committee,  Mr. Adam Okloho lamented cases of extra budgetary expenditure and none release of funds as appropriated.

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