Kogi State Governor, Alhaji Yahaya Bello, on Monday presented the proposed 2024 Appropriation Bill with a total expenditure of N258.2 billion to the State House of Assembly for consideration and approval.
Titled the “Budget of Consolidation and Continuity for Inclusive Growth,” this is the last budget proposal to be presented by Governor Bello before the expiration of his tenure on January 27th, 2024.
The budget presentation, which took place during plenary at the newly renovated assembly complex, was the first session held there since the October 10th fire outbreak that caused extensive damage to the premises.
Providing a breakdown of the budget, Governor Bello announced that N156.5 billion (about 61%) is earmarked for capital expenditures, while N101.7 billion (39%) will go towards recurrent expenditures.
“The year 2024 draft budget has been drafted to enhance Internally Generated Revenue, aggressive pursue repayment of debt owned to us by the Federal Government, provide more conducive environment for our Development Partners across the world to contribute to the state economy; mobilise private sector investments to the State; encourage Public-Private Partnership (PPP) and more importantly, block all wastages and leakages in our revenues as well as emphasize the completion of all on going projects/programs while bringing on board, few new critical ones that are in line with the priorities of the New Direction Administration,” he stated.
Key priority areas highlighted in the 2024 budget include infrastructure development, youth empowerment programs, healthcare, education, pension and gratuities clearing, and completion of ongoing projects.
While presenting the spending proposal to lawmakers, the Governor noted that his administration has worked diligently over the past years to entrench transparency, accountability and prudent management of scarce resources. He expressed confidence the 2024 budget will build on the foundations laid to consolidate inclusive growth and development across Kogi State.
The governor said, “We have tried to ensure that our good governance aspirations find expression in the 2023 Budget, with the specific fiscal objective being effective allocation of scarce resources to identified critical programmes and projects
“It is now my pleasure to formally present to you the year 2024 Draft Budget, otherwise known as our “Budget of Consolidation and Continuity for Inclusive Growth” for your deliberation and. hopefully, accelerated approval. As I bid farewell to this Honourable Assembly today, I wish to extend my heartfelt gratitude again for your dedication to our State and People over the years and commitment to the growth and success of our dear state.
“As January 27, 2024 when I will wind down my Administration approaches and we all prepare to welcome the new Government of His Excellency, Governor-Elect Ahmed Usman Ododo, it is my heartfelt desire that you extend even greater levels of cooperation to my him.
“I look forward to seeing the incoming Administration building on the foundation laid by mine while working together with all stakeholders across the State to achieve even greater heights than we did. Let us therefore embrace this transition with excitement and optimism, knowing that our collective efforts will propel our State to new horizons.
The 2024 proposed budget of N258.2bn budget is against the N197.5bn revised approved budget for the year 2023.
Bello disclosed that this makes the 2024 draft budget higher by N60.6bn compared to the 2023 revised budget, representing a 30.71% increase.
