Namadi Presents N298.24bn 2024 Budget to Jigawa Assembly
Gov. Umar Namadi of Jigawa on Tuesday presented N298.14 billion estimates for the 2024 fiscal year to the Jigawa State House of Assembly.
Namadi made the presentation in Dutse amidst tight security due to the ongoing nationwide labour strike.
The governor recalled that the N185.075 billion budget was approved under the 2023 Appropriation Law.
He said: “This was followed by two supplementary appropriations of N13.00 billion and N44.7 billion in March and August 2023, respectively.
“Cumulatively, therefore, the total appropriations for the 2023 Fiscal Year amounted to N242.775 billion.
“The third quarter Budget Implementation Report indicated a pass mark performance with an overall revenue out turns of about 65 per cent against the cumulative appropriations during the year”.
According to him, expenditure-wise, the Third Quarter Performance Assessment reported an overall recurrent and capital expenditure performance of 63 per cent and 50 per cent, respectively.
Namadi said that the 2024 proposed budget was 23 per cent higher than the 2023 appropriation.
He said that in line with the principle of fiscal responsibility, N10.72 billion has been earmarked for Stabilisation and Contingency Funds representing about four per cent of the recurrent revenue estimates.
Namadi said the amount was higher than usual, adding that the purpose was to accommodate the increase in personnel cost in anticipation of the review of the national minimum wage.
A breakdown of the budget showed that N287.42 billion has been allocated for recurrent and capital expenditure.
About N111.98 billion representing about 37 per cent of the budget was earmarked for recurrent expenditures and N175.44 billion representing 59 per cent of the budget for capital investments.
He said the budget would be financed through Federal Transfers including Statutory Allocation, Value Added Tax and other payments from the federation account amounting to N107.5 billion.
He listed other sources to include recurrent incomes such as Internally Generated Revenue (IGR), Local Government Reimbursements for Teachers and PHC staff salaries, Federal Reimbursement for State Revenue and Stamp Duty Refunds of about N91.225 billion.
“The 2024 opening balance comprising of Envisaged Main Treasury Account Balances and Balances in Project Accounts N13.45 billion.
“Other capital receipts including envisaged drawdowns for aids, loans and grants funded projects N85.965 billion”.
Namadi said the proposed budget made provisions in respect of new government agencies to be established from now to the end of the first quarter, of 2024.
He listed the agencies to include the State ICT and Digital Economy Agency, the State Hisba Board, the State Tsangaya Board, the State Resident Identity Management Agency, and the State Anti-Corruption Agency.
The Speaker, Mr Haruna Aliyu assured that the House would pass the budget before the end of the year.
Aliyu, who expressed the determination of the legislators to work harmoniously with the executive, said that there had been a good relationship between them. Futureview US Dollar Fund Return Hits 7.42%