The Bauchi State Executive Council (SEC) has approved the medium term expenditure of about N300 billion for the 2024 physical year.
Mr Aminu Hammayo, the Bauchi state Commissioner for Budget and Economic Planning, disclosed this while briefing newsmen on the outcome of the State Executive Council (SEC) meeting on Wednesday.
According to him, the budget estimate was made on the basis of certain assumptions like increase in oil production capacity, increase in Value Added Tax.
Other assumptions he said included the impact of the withdrawal of oil subsidy as there had been an increase in the amount of revenues accrued into the federation account as well as the increase in the cost of goods and services.
“The budget estimate for the year 2024 is about N300 billion and we have a proportion of about 58.8 per cent allocated for capital expenditure and about 41.2 per cent for recurrent expenditure.
“This means the emphasis is basically on capital expenditure so as to generate more revenue in the future.
“This budget estimate is going to be presented as a bill to the state House of Assembly and after the presentation, we will still come back to where there will be a budget briefing to give the details of what the budget is all about,” he said.
Also speaking, the state Commissioner for Information and Communication, Mr Usman Garba, explained that a decision had been taken to create a Ministry of Regional Integration so that the problems and challenges of the people would further be attended to.
He said that this decision was taken during the Northeast Governors Forum meeting held in Yola, Adamawa state on Saturday.
“Here in Bauchi state, the governor has decided to merge this new ministry with the ministry of Higher Education.
“So, what we have now is the Ministry of Higher Education and Regional Integration,” he said.
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