Elechi lays N80.017bn budget before House of Assembly

Governor Martin Elechi of Ebonyi State yesterday presented N80, 017,929,870 budget estimate for the 2015 fiscal year to the State House of Assembly.

This year’s appropriation was N5, 617,004,102 or 6.55 per cent lower than the downward revised budget of N85, 634,933,972 for 2014 fiscal year.

While presenting the budget estimate to the House, Elechi said N39, 991, 977,780 representing 47.48 per cent of the budget was appropriated for recurrent expenditure while the capital expenditure has a provision of N42, 025, 952, 090 stabilization fund inclusive, representing 52.52 per cent of the budget.

The budget code-named “Budget of Transition and Fulfillment” has a National budget appropriation of N54, 486, 296,040 which represents 68.09 per cent of the state budget for 2015, which accounts for statutory allocation of N36, 000, 0000, 000, VAT N8,500,000,000, share of augmentation, N1, 000, 000, 000, Non-oil revenue, N2, 184, 703, 690, share of SURE-P N2, 340, 000, 000, reimbursement from bond ISPO, N1, 461, 592, 350, Reimbursement from FGN N1, 00, 000, 000 and grants N2, 000, 000, 000.

He stated that the state government intended to increase her tax revenue in the 2015 fiscal year by diversifying into numerous untapped tax revenue sources, which he said was in tandem with the fiscal and monetary policies of the National Government.

The governor noted that the plan of increase in internally generated revenue became imperative consequent upon the Federal Government’s de-emphasis on oil revenue and the expected economic meltdown in the 2015 fiscal year.

Elechi said the recurrent expenditure of N6, 903, 381, 430 was proposed for personnel costs of N11, 391, 265, 000 for overhead cost, while N5, 782, 830, 400 was for grants to higher institutions as well as N13, 942, 312, 460 meant for consolidated revenue fund charges. The governor added that the Economic sector had the highest budget with N24, 022, 394, 920, with Works and Transport having the highest allocation of N6, 637, 618, 975 followed by Water with the sum of N4, 859, 049, 920 while subsectors shared N12, 526, 026, 025.

In social sector, Education subsector has the highest provision of N2, 077, 015, 000 while Health subsector followed with N2, 147, 100, 000 while other subsectors within the social sector will share N1, 510, 500, 000.

Elechi further said his government would continue to strive to ensure transparent financial husbandry and would give his best to the people whose interest we have committed himself to serve, saying that there had been a show of understanding between the executive, legislative and the judiciary.

Meanwhile, the budget presentation was delayed for three hours from scheduled time of 12 noon to 3pm after a closed door meeting between the governor, deputy governor and Assembly members which lasted for 3 hours for possibly resolving the crisis rocking the Assembly in the recent times.