Gov. Bello presents N145bn 2022 budget of accelerated result to Assembly
The Governor of Kogi State, Alhaji Yahaya Bello, on Thursday, presented the 2022 budget of N145.8 billion to the state House of Assembly for approval.
Presenting the budget tagged, ‘’Budget of accelerated result”, he said the budget is divided into the recurrent expenditure of N90.1 billion representing N61.79 per cent and capital expenditure of N55.7 billion representing N38.1 per cent.
The governor noted that the total estimated recurrent revenue of the budget was N96.7 billion consisting of N23.2 billion which will be realised from internal sources, while N49.5 billion comes from the federation account.
According to the governor, a total of N19.6 billion revenue is expected from Value-Added Tax (VAT) as N100 million from excess crude and N1billion from exchange difference.
“Recurrent revenue for the year 2020 stands at N96,792,006,352. Out of the above figure, the estimated personnel cost for the period is N45,119,725,532 whereas N45,031,565,719 is Overhead Costs, thereby giving N90,151,291,251 as a total recurrent expenditure for the year 2022.
“From the foregoing, we have a total estimated Transfer Surplus of N6,640,715,100 as Capital Development Fund. The estimated Capital Receipt is N49,104,066,562 comprising Capital receipts analysis by economic, Aids and Grants. However, if the Transfer Surplus of N6,640,715,100 is added to this amount, we shall have N55,744,781,662 as a fund available for capital development projects,” he stated.