Governor Samuel Ortom of Benue State, yesterday presented a fiscal estimate of N178.4 billion to the state House of Assembly for approval as the 2018 budget of the state.
Christened, “Budget of Rural Transformation Consolidation,” the estimate is N4.9 billion or 2.7 per cent lower than the 2017 estimate of about N183.4 billion.
Making the presentation in Makurdi, Governor Ortom regretted that only 32.68 per cent of the last estimate was realised as at the end of September 2017.
Breaking down the budget he said, “from this figure, a total sum of N77.7 billion is projected as recurrent expenditure representing 44 per cent of this figure. Of the sum N51 billion is projected as personnel expenditure representing 29 per cent, while N26.3 billion, representing 15 per cent is for overhead expenditure.”
“The capital expenditure for fiscal year 2018 is N100.6 billion, representing 56 per cent of the total expenditure.
“We have proposed this figure for 2018 bearing in mind the compelling need to make adequate provisions for the productive sector of the economy and consolidate the on-going rural transformation.”
“The proposed estimate is also driven by the desire of this administration to continue to provide security for life and property and create enabling business environment for businesses to thrive.”