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HomeUncategorizedOrtom presents N155.6bn estimates for 2022

Ortom presents N155.6bn estimates for 2022

By Scholastica JOSEPH, Makurdi

Benue State Governor Samuel Ortom has presented a budget estimate of N155.6 billion to the House of Assembly for the 2022 fiscal year.

The budget tagged “Budget of Economic Advancement and Growth”, the governor said is focused on programmes and projects that will take the state farther along the path to becoming economically self-reliant.

Ortom explained that the 2022 budget estimate is made up of Federal Account Allocation Committee, FAAC, Statutory Revenue of N62.7 billion, representing 40% of aggregate revenue estimates and N36.9 billion, representing 24% of the aggregate revenue from independent sources including aids and grants.

He disclosed that the sum of N98.8 billion only or 63% is proposed as total recurrent expenditure made up of the sum of N47.6 billion, 30.5% for personnel cost and the sum of N51.2 billion, representing about 33% for overhead costs, while the capital expenditure is allocated the sum of N61.8 billion or 36.5% of the aggregate expenditure.

“The proposed Fiscal Year 2022 Recurrent Expenditure stands at N98,792,082,431.34  only, representing 63.5% of the total budget. This figure is made up of the sum of N47,569,440,798.84 only for personnel cost, representing about 30.5% of the total budget, and the sum of N51,222,641,632.49 only, or about 33%, for overhead costs.

The governor pledged that the recurrent expenditure estimates would focus on his administration’s obligation to faithfully pay the salaries of workers and meet other obligations under the new Pension Laws to retired workers.

“We have also provided essential overhead expenditure, with emphasis on items of that relevance to our quest to promote economic advancement, including recovery grants to poor households and to small and medium enterprises to cushion the impact of COVID-19 under the auspices of the World Bank-assisted Nigeria CARES Programme.”

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