Kogi unveils N146.7Bn budget to fight poverty in 2019

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Yahaya Bello, Governor of Kogi State, has presented 2019 budget of #146.7Bn christnamed budget of consolidation.
While presenting his budget, Bello disclosed that even though there is a margin between 2018 and 2019 budget his administration is working hard to make sure that the Confluence state gets rid of poverty and the masses benefit a lot from the devidend of democrecy.

Bello disclosed that the proposed 2019 budget has an estimated outlay of N146.73Bn, saying the budget outlay was divided into Recurrent Expenditure of N71.84Bn representing 48.96 percent and Capital Expenditure of N74.98Bn which also represents 51.04 percent.

According to him, the breakdown of the budget is as follows
Administration was alocated N45.19Bn (30.80%) Economic sector N51.75Bn (35.27%), Law and Judiciary N7.44Bn (5.08 %), Social N42.33Bn (28.85%), which brings the 2019 fiscal budget to N146.73Bn.

He also said his administration has budgeted a total recurrent revenue of N104.34Bn consisting of N20.17Bn from internal sources, N60.97Bn as state’s share from the federation Account, N17.5Bn revenue from Value Added Tax (VAT), N2.24Bn from Excess crude , N130.89m as refund from Federal government,  N2Bn from Non-Oil Revenue,  N200.69m from Foreign Exchange Equalisation and N120.69m from  Excess Bank charges.

Bello also said the Recurrent Revenue for the year 2019 stands at N104.34Bn, out  of the above figure, the estimated personnel cost for the period is N36.15Bn whereas N35.68Bn is overhead coats thereby giving N71.32Bn as a total recurrent expenditure for the year 2019.

He further explained that from the foregoing  his administration have a total estimated Transfer Surplus of N33Bn as Capital Development Fund,  adding that the estimated Capital Receipts is N42.39Bn which he said comprises Capital receipts analysis by economic , Aids and Grants. However, if the transfer surplus of N33Bn is added to this amount , his government shall have N75.4Bn as fund available for capital development projects.

Governor Bello also hinted that Macro-economic indicators shows an uptick I  global growth at 3.8 percent and gradual recovery on the national front from recession, and a reduction in the inflation rate, adding that as a state government with no control over monetary policy, the state budget is their key fiscal policy tool for strengthening their economy and safeguarding against unforseen shocks, stressing that the budget is also their most important mechanism towards achieving their state Development Plans and socio-economic aspirations.

The Governor also said by a combination of budgeting best practice s and development partner demands, it is therefore impartial for the state to present a realistic and implementable budget going forward, adding that 2019 -2021 multi year budget based on conservative,  realistic, projections.

It could be recalled that 2018 budget was N151.67Bn for both Recurrent and Capital Expenditure,  he stated that the total recurrent revenue approved for 2018 was N90.83Bn of which N46.89Bn was collected as at the end of August,2018 representing 51.63 percent performance.

Bello also disclosed that the approved capital receipts for 2810 was N60.84Bn out of which N4.31Bn was realised and it represents 7.09 percent performance as at the end of August 2018.

Governor Bello equally said that #66.7Bn was approved for recurrent expenditure, however, only #28.5Bn which represents 42.74 percent performance spent as at August 2018 .

He further explained that out of #84,983,328,261 approved only N13.81Bn which represents 16.25 percent performance was expended as at August 2018 stressing that the lean performance was due to current economic downturn in the country which he said has be deviled the state’s expectations from various sources.

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