Bauchi State Commissioner for Budget and Economic Planning, Aminu Hammayo, has declared that a number of macroeconomic assumptions were adopted to guide the ministry in the process of preparing the 2022 budget proposal.
He disclosed that the assumptions included a projected oil production benchmark of 1.9 million barrels per day; a projected crude oil price of $57 per barrel; and an exchange rate of N410 to a dollar.
He, however, lamented that though the Naira appears to be further depreciating “Consequently, we project a total revenue including capital receipts of about N177billion and an estimated total expenditure of about N156billion which includes a capital expenditure in excess of N60 billion.”
Aminu Hammayo who was speaking during a public hearing on the budget proposal held at Zaranda Hotel, Bauchi said that “We may, however, note that part of the revenue will be applied to ensure that ongoing infrastructural development projects including major roads projects embarked upon by the Governor, Senator Bala Mohammed all across the state are completed.”
According to him, “Our demands and needs are unlimited but our capacity to meet such demands are limited. As representatives of the people, we urge you to give us appropriate advice on key priority areas which will be considered in line with the government’s development objectives and funding constraints for incorporation into the budget.”
The Commissioner said that “I also wish to note a key challenge brought about by the pronouncement of the Federal High Court ceding the collection of VAT to Rivers State Government which has the implication of reducing the share of VAT collection from the federation account.
“There is however prospects from the exploration activities of the NNPC at the Kolmani River with the discovery of huge deposits of hydrocarbons including oil and gas. As a matter of fact, oil prospecting licenses 809 and 809 had been advertised to interested investors in recognition of the commercial quantity of the discovery,” he said.
He expressed confidence saying, “This has the potential to change the fortunes of the state and its citizens as a potential oil-producing state entitled to 13per cent derivation. It is my strong conviction that there is indeed a greater future for the state.”
He explained that the public hearing was intended to create a forum for interaction with the public in order to generate inputs into the budgetary process.
He also said that “The process had, in line with the provisions of the law, started with the development of the Fiscal Strategy Paper and the Medium Term Expenditure Framework which specifically provided the framework for the preparation of the budget.”
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