Borno State Governor, Prof. Babagana Zulum, recently presented a budget plan for the upcoming 2024 fiscal year at the State House of Assembly. The proposed budget totals N340.6 billion, divided into N198.3 billion for capital expenditure and N142.3 billion for recurrent expenditure. The funds are expected to come from the Federation Account Allocation Committee (FAAC) revenue and Internally Generated Revenue (IGR), with an additional N128.8 billion from capital receipts, comprising Aid and Grant, as well as capital development funds.
The budget projections hinge on specific economic indicators, including a Crude Oil Benchmark of US$77 per barrel, a projected national inflation rate of 21.4%, a national GDP growth rate of 3.76%, and a proposed exchange rate of N750 per US dollar. These factors collectively inform the financial framework for the state’s operations. Allocations have been designated for various ministries, departments, and agencies to fulfill their responsibilities effectively.
The Ministry of Agriculture and Natural Resources, for instance, is set to receive N13.5 billion for both capital and recurrent expenditures. This allocation aims to support initiatives such as the construction of earth dams, maintenance of rural feeder roads, and the establishment of a modern fish feed milling center. Similarly, the Ministry of Education, Science, Technology, and Innovation is earmarked to receive N39.4 billion for both capital and recurrent expenditures.
This allocation is intended for the construction of three new mega schools across the three senatorial districts and the training and retraining of teachers. The Ministry of Environment is allocated N5.4 billion for both capital and recurrent expenditures. These funds are dedicated to projects such as the construction of drainage systems to control floods and erosion, the rehabilitation of waterways, and the planting of over ten million tree seedlings.
In the healthcare sector, the Ministry of Health and Human Services is allotted N51.1 billion for both capital and recurrent expenditures. The focus here is on renovating and rehabilitating general hospitals in the state and the State Teaching Hospital in Maiduguri.
The Ministry of Trade, Investment, and Tourism is allocated N3.4 billion for both capital and recurrent expenditures. This funding is directed towards the reconstruction of state hotel branches and the establishment of an inland container freight station.
The Ministry of Works and Housing is designated N45.4 billion for both capital and recurrent expenditures, specifically to undertake the construction and rehabilitation of roads and drainages across the state.
Beyond these, the proposed budget encompasses allocations for key agencies such as the Governor’s Office, Government House, Borno State Emergency Management Agency, and Borno State Geographic Information Service.
These allocations are intended to facilitate the smooth functioning of these entities and ensure the fulfillment of their respective roles.
In essence, the overarching goal of the proposed budget is to stimulate economic growth, enhance infrastructure development, and bolster government services and programs throughout the state.
