The Governor of Plateau State, Jonah David Jang has presented N215.4b for the 2015 fiscal year, before the state legislators at the house of assemble, for their consideration.
Jang stated this yesterday, while presenting the budget of 2015 budget of the State has dropped by 4.26% from the previous year.
He said the 2014 estimate stood at N225,058,026,306b, while that o the 2015 is 215,465,835,418b showing a dropped of 4.26%.
Governor Jang who tagged the estimate as ‘Budget of Transition and Inclusive Growth V,’ said the budget will focus on the completion of ongoing projects, adding that the dropped in the this year’s estimate is as a result of the “dwindling economic fortunes particularly in the oil sector.”
He said the sum of N122.9b is earmarked as capital estimate while N92.4b is estimated for recurrent expenditure.
The ministry for Works and Transport has the highest estimate with the allocation of N34.2b followed by education, whose estimation gulp N18.9 while Environment is allocated the lowest of N663m.
2015 budget total size of Two Hundred and Twenty Five Billion, Fifty Eight Million, Twenty Six Thousand, Three Hundred and Six Naira (N225,058,026,306.00) only. This was made up of Eighty One Billion, Nine Hundred and Eighty Five Million, Nine Hundred and Ninety Four Thousand, Nine Hundred and Thirty Eight Naira (N81,985,994,938) only for recurrent expenditure and One Hundred and Forty Three Billion, Seventy Two Million, Thirty One Thousand, Three Hundred and Sixty Eight Naira (N143,072,031,368) only for capital expenditure. A summary of the performance of the budget is as presented below.
REVENUE: During the period under review, the State Government was able to generate revenue for the implementation of the 2014 budget amounting to Ninety Three Billion, Three Hundred and Seven Million, Eight Hundred and Forty Three Thousand, Five Hundred and Thirty One Naira, Thirty Two Kobo (N93,307,843,531.32) only. This represents only 41.46 percent of the approved budget estimate.
The drop in the price of oil in the international market affected the expected revenue from oil which is the major source of revenue for financing the budget. Also, the Internally Generated Revenue (IGR) has not met its target of N16 billion for the year due to the fact that revenue from the Ministry for Lands and Survey is yet to take off fully.