Gombe State Executive Council has approved the sum of N116 billion as the 2021 budget estimate for onward transmission to the State House of Assembly for consideration and passage into law.
While Briefing newsmen on the outcome of the meeting, State Commissioner of Finance and Economic Development, Malam Muhammad Gambo Magaji disclosed that N58.5 billion of the sum is for capital expenditure while N57.8 billion is for recurrent expenditure, which is 17 per cent higher than the 2020 revised budget.
He further said that sectoral allocation of the budget shows that the administrative sector has N3.1 billion, the economic sector N34 billion, law and Justice N1.3 billion and the social sector N58 billion representing the capital expenditures.
Also, the recurrent expenditure has personnel cost at N22.7 billion, overhead cost N15.7 billion, pension and gratuity N4.1 billion, statutory office holders salaries N168 million, public debt charges N14.7 billion representing 57.5 billion for recurrent.
The Finance commissioner also said that the over N116 billion proposed 2021 budget estimate is 7.5 per cent higher than the revised 2020 budget which stood at N107.609.
He said that “Out of the N55.24 billion approved for recurrent expenditure for 2020, N39.37billion has been spent between January and October, representing 71.2 per cent performance on the budget while from N52.37 billion total capital budget for 2020, N26.06 billion has been spent representing 44.8 per cent performance as at October.”
He also said that the budget deficit for the 2021 estimate is put at over N5b representing 4.4 per cent of the entire budget size.
The Commissioner further said that the budget deficit will be financed through internal and external borrowings whereas external borrowing will be 3.5 billion representing 3 per cent of the total budget size while internal borrowing is put at 4 billion.
Malam Gambo Magaji said the Midterm Expenditure Framework MTEF alongside the fiscal strategy paper has already been submitted to the State House of Assembly, expressing the confidence that the budget will be laid before the house of assembly by the Gombe State Governor effective next week.
While answering questions from Journalists, the Gombe State Commissioner of Information, Hon. Ibrahim Alhassan Kwami said that the budget estimate is built on submissions made by stakeholders at the second edition of stakeholders consultative meeting on 2021 budget preparation, adding that it reflects the yearnings and aspirations of the people.
The meeting was presided over by the State Governor, Muhammadu Inuwa Yahaya at the Executive council Chamber, Government House, Gombe.
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