GOVERNOR Samuel Ortom of Benue State has presented the total sum of N178, 377,811,608.00 as 2018 budget estimate to the State Assembly.
Tagged ‘Rural Transformation Consolidation Budget’, the 2018 appropriation estimate was N4, 980,968,881.00 less than 2017 budget which was N183, 368,780,499.00
Presenting the budget estimate, governor Ortom said that out of the estimate, a total sum of N77,761,072,616.00 (Seventy-Seven Billion, Seven Hundred and Sixty-one Million, Seventy-two Thousand, and Six Hundred and Sixteen only earmarked for recurrent expenditure.
Out of which the sum of N51, 015,257,026.00 representing 29 percent was earmarked for personnel expenditure and N26, 305,815,591.00 representing 15% is for overhead expenditure.
The governor said that the sum of N100, 616,738,991.00.00, (One Hundred Billion, Six Hundred and sixteen Million, Seven Hundred and Thirty-eight Thousand, Nine Hundred and Ninety-one naira) representing 56% was meant for capital expenditure.
Giving the sectoral breakdown, Ortom earmarked N87, 587,490,292.00 for Economic, Law, and Justice and Social sectors while N25,228,246,978.00 was earmarked to administration.
Ortom further explained that his administration was expected to source for revenue through these sources; State Statutory Allocation N46,998,550,000.00, Value Added Tax (VAT) N10,000,000,000.00, Independent Revenue N23,214,986,203.00, Investment Income N 20,000,000.00 .
Others include; Excess Crude Oil N2,000,000,000.00 Budget Augmentation N10,000,000,000.00 Foreign Exchange Gain N4,790,380,807.00 Pay As You Earn (PAYE), Commercial N5,299,291,750.00 Revenue from Institutions and Boards N13,648,587,083.00 Domestic Aid and Grants N11,906,600,000.00 Foreign Aid and Grants N9,713,357,765.00 Domestic/Foreign Loans/Deficit Financing N40,000,000,000.00, Extra Ordinary Items N786,058,000.00 for revenue.
He explained that his administration proposed this figure for 2018 bearing in mind the compelling need to make adequate provisions for the productive sector of the economy, consolidate the on-going rural transformation and the following underlying considerations
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