Elechi Presents N80.017bn Budget To 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. The budget tagged “Budget of Transition and Fulfillment” was 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 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 added that 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. The governor stated that the state government intends to increase tax revenue next year by diversifying untapped taxation sources in line with the fiscal policies of the federal government. He 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 him to serve, saying that there had been a show of understanding between the executive, legislative and the judiciary.
Earlier, the speaker of the House Rt. Hon. Chukwuma Nwazunku while addressing the governor and members of the executive council among other stakeholders of the state denied any plan by the House to hold the state to ransom by delaying the 2015 budget. –