Economy

Kogi Assembly Passes 2022 N145.8bn Budget

Governor Yahaya Bello

The Kogi House of Assembly, on Thursday, passed over N145.8 billion budget for the 2022, subject to Governor Yahaya Bello’s assent before it becomes a law.

The budget, tagged: ”Budget of accelerated result”, consists of N90.1 billion, representing N61.79 per cent recurrent expenditure and N55.7 billion of N38.1 per cent capital expenditure.

The Speaker of the House, Prince Mathew Kolawole, in his speech, described the budget as “very realistic”, adding that it met the timely approval of the House.

Kolawole explained that the passage of the budget followed the adoption of the report of the House Committee on Appropriation, Fiscal Planning and Budget Monitoring at plenary.

“The committee considered the bill, clause by clause and approved the respective funds allocated for both recurrent and capital expenditures,” he stated.

The Speaker pledged the lawmakers’ unflinching readiness to synergise with the Executive to ensure effective and efficient supervision in the implementation process of the budget.

He noted that one fact was that, budgets had always been well conceived but that their implementations had always been the challenge.

“But we, Lawmakers, who are equally co-managers of the economy and drivers of development, shall join hands with the Executive to ensure that this budget is well implemented for the good of our people, ” he assured.

Our Correspondent recalls that, Bello on Oct. 28,presented the 2022 budget to the state House of Assembly for perusal and approval.

He said that the key target for the budget was to ensure that lives of residents were positively touched, through the actualization of government’s development plans and priorities.

The governor also pledged prompt maintenance of a favourable proportion of Capital to Recurrent expenditure, completing all on-going projects and adding new projects in critical needs as well as expanding revenue generation of his administration.

According to him, over dependence on federal allocation will drastically be reduced within the fiscal year, assuring that focusing on Internally Generated Revenue (IGR) will be the order of the year.

Edited by Felix Ajide

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