The economic sector is given top priority in Yobe State’s 2025 budget.
The sector would gets N156.9bn out of the total N320.8bn for the year.
Nigeria is going through one of its worst economic crisis in history with masses facing the brunt.
The situation has caused severe hardship across the country, plunging most of its population into hunger and other crisis.
The decision to give top priority to the economic sector by Yobe State government most have been informed by this reality.
Also part of the budget, N108.5 billion is earmarked for the social sector while N50.6bn goes to administrative sector.
Law, peace and justice also received N4.8bn.
The budget was presented to the state’s House of Assembly on Thursday by the governor, Alh. Mai Mala Buni.
Speaking at the occasion in Damaturu, Buni said that the estimates tagged “Budget of Economic Consolidation and Poverty Reduction” was aimed at completing ongoing projects in the state.
He noted that N176.8 billion was earmarked for capital expenditure while recurrent expenditure gets N144 billion.
According to him, the capital and recurrent expenditures represent 51.1 per cent and 44.9 per cent respectively of the total budget.
He said N156.9 billion was earmarked for economic sector, N108.5 billion for the social sector, N50.6 billion for administrative sector and law, peace and justice received N4.8 billion.
Reviewing the 2024 budget, the governor said N216.9 billion was approved to finance both capital and recurrent expenditures for the fiscal year.
He however, said the actual receipt from federation account allocation, internally generated revenue and opening balance from January to September stood at N206.99 billion, representing 95.4 per cent.
“The overall performance of the 2024 budget for both recurrent and capital expenditure was N164.9 billion, indicating 76 per cent success as of 30th September, 2024.
“The volume of both the revenue and expenditure is expected to rise before the end of the year.
“The unfavorable exchange rate of Naira to the Dollar, and the unabated inflation rate have continued to negatively impact on execution levels of our projects and programmes.
“We are optimistic of an increase in the rate of our fulfillments before the fiscal year runs out,” he explained.
The governor also commended the assembly for a harmonious working relationship with the executive arm of his government.
On that note, the house speaker, Buba Mashio, assured the governor that the budget would be given accelerated passage.
THE ROTTEN FISH: CAN OF WORMS OPENED OF APC & TINUBU'S GOVERNMENT OVER NIGERIA'S ECONOMIC DOWNTURN
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