Borno’s Gov. Babagana Zulum presented a N340.5 billion budget for 2024 to the state’s House of Assembly on Wednesday.
He said the budget was made of N198.2 billion capital expenditure and N142.3 billion recurrent expenditures.
Zulum said that the budget would be financed from recurrent revenue of N206.8 billion made up of federal allocation and internally-generated revenue.
“The budget will also be financed by capital receipts of N128.8 billion, comprising of aids and grants as well as capital development funds.
“The projection of the 2024 budget is predicated on Federal Government’s fiscal forecast for the 2024-2026 Medium Term Expenditure Framework.
“The internally-generated revenue forecast was adopted with some indications to reflect on the current realities within our purview,’’ Zulum said.
He lauded the legislative arm of government for its sustained support that facilitated development in the state and urged it to fast-track the passage of the 2024 budget.
A breakdown of the budget showed that the Ministry of Finance and Economic Development has the lion share of N53.8 billion followed by Health, which was allocated N51.1 billion.
The Ministry of Works got N45.4 billion, while Education got N39.4 billion.
(NAN)
