Bauchi State House of Assembly has today December 29, 2020 approved the State’s Appropriation Bill for 2021 worth N213.9 billion.
According to a report by the News Agency of Nigeria, the budget christened “Budget of Fulfilment and Consolidation,” was presented by the Governor of the state, Bala Muhammed, on December 15, 2020.
The budget earmarked the sum of N120.72 billion (56%) for capital expenditure, while the sum of N93.2 billion (44%) was earmarked for recurrent expenditure.
In the same vein, the Speaker of the State Assembly, Mr Abubakar Sulaiman, commended the house and committee members for their support and cooperation in passing the budget.
What you should know
- The 2021 budget when relatively compared with the 2020’s provision of N167.2 billion, indicates an increase of 27.9% Y-O-Y, which translates to a monetary term of N46.7 billion.
- The state’s 2021 budget is to be financed by recurrent revenue estimates of N180 billion and capital receipts of N105 billion. The breakdown of the recurrent revenue estimates showed that N68.3 billion is expected as statutory allocations, N24 billion from Internally Generated Revenue, while N16 billion will be made from Value Added Tax.
What to expect
As part of the statutory process, Nairametrics anticipate executive assent to the bill in the days ahead, in a bid to expedite the process of implementing the budget to the overall benefit of residents of the state.