Ortom presents N189.4bn 2020 budget to Benue assembly

The Benue state government has proposed to spend the sum of N189, 433, 511, 45 for the 2020 fiscal year.

Governor Samuel Ortom, who announced this while presenting the 2020 budget estimate to the Benue state House of Assembly on Tuesday for consideration, said the sum of N13, 332, 49, 543 will be expected from Value Added Tax (VAT).

According to the governor, the policy thrust of the draft 2020 appropriation bill tagged: “Budget of advancement, growth and development” is to ensure adequate provision for the implementation of programmes that can replete the state economy and accelerate growth as well as completion of ongoing projects and the payment of personnel emoluments.

He said provision has been made for funding to develop the value chain so that it creates more employment opportunities for Benue youths as government, he said is increasing investment in agricultural production and marketing through the rural access and agricultural marketing programmes.

To achieve the set targets, Gov. Orton disclosed that the revenue of N189, 483, 511, 025 Benue share of disbursement from the Federation Account Allocation Committee (FAAC) takes the lead of sources with a proposed N42, 760, 945, 940 and is followed by independent revenue of N31, 885, 665, 929.

Other sources of revenue is from the Value Added Tax (VAT) amounting to N13, 332, 049, 543 while a provision for deficit financing to the tune of N96, 919, 556, 548.

The governor added that recurrent expenditure will gulp N114, 600, 548, 550, 886 while capital expenditure stands at N74, 934, 925, 138.

N50bn of 2020 budget was for personnel cost – Ortom

He stated that the challenge of servicing debts, paying salary arrears, implementation of the new minimum wage and farmers/herders clashes would be tackled in the course of duty and urged the assembly to consider the speedy passage of the 2020 budget.

Responding, the Speaker, Mr. Titus Uba commended the governor for the early presentation of the budget and called on ministries and departments to prepare to appear and defend their budget proposals to ensure quick passage of the money bill for the governor’s assent.