Governor Isa Yuguda of Bauchi State on Wednesday presented an Appropriation Bill of N133.7 billion for the 2014 fiscal year to the House of Assembly.
Presenting the budget on the floor of the House in Bauchi, Yuguda said that N65 billion would be spent on recurrent and N68 billion on capital expenditures.
He explained that the budget was based on the predication of oil production of 2.5 million barrels per day at a bench mark of $75 per barrel and a “robust and efficient system of internally generated revenue collection”.
He said the revenue profile consists of Statutory Allocation, N67.7 billion; Value Added Tax, N10 billion; Internally Generated Revenue, N9.4 billion; and Capital Receipts, N7.2 billion.
He said personnel cost would be N25 billion; overhead, N29 billion; and Consolidated Revenue Charges, N11.4 billion.
Yuguda said the budget was aimed at improving agriculture, health, education, power generation and water supply with emphasis on completion of all ongoing projects.
The governor said the 2013 budget implementation faced many challenges because the state realised only N94 billion out of the expected N132 billion for the year.
He said: “There was shortfall of N54 billion, which affected the full implementation of 2013 budget because of the over dependence on oil revenue.
“This is a serious threat to the socio-economic development of the state.”
He, however, said his administration was determined to boost internally generated revenue by 87 per cent, to shift from dependence on allocation from the Federation Account.
On budget implementation and monitoring of projects, Yuguda said ministries departments and agencies were required to adhere strictly to approved budget provisions in 2014 financial year.
The Speaker, Hon. Yahaya Miya, said the legislature would ensure a prompt passage of the budget.
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