By David Odama
THE Nasarawa State Government said it will borrow N8.2 billion to finance the deficit of the N100.5 billion 2020 budget recently presented to the state House of Assembly by Governor Abdullahi Sule.
Commissioner of Finance and Planning, Haruna Adamu Ogbole, disclosed this at the weekend while giving a breakdown of the 2020 budget christened ‘Budget of Inclusive Development’.
According to the commissioner, the 2020 budget which has a marginal increase of N5.6 billion only; representing 6.0% increase as compared to the 2019 budget, would also be funded from the Statutory Revenue Allocation of N41 billion.
This was even as he said the state government has constituted a committee to work out modalities for the implementation of the new minimum wage in the state.
He added that the budget would also be funded from anticipated N1.08 billion Opening balance, N10.5 billion Value Added Tax (VAT), while N26.34 billion would come from Internally Generated Revenue (IGR) and N10.46 billion would be raised from Aid and Grants.
Ogbole maintained that the sum of N49.4 billion equivalent of 49.20% of the budget size, had been earmarked for recurrent expenditure, while N43.7 billion; which is 43.56% of the total budget size, was set aside for capital expenditure.
He stated further that the sum of N7.2 billion, about 7.24% is the Consolidated Revenue Fund of the 2020 budget.
HIS words: “Government intends to complete and embark on the following projects: completion of Kwandare – Keffi road, township roads, inter-city roads, Lafia Airport and dualisation of Shendam – Akurba road.
According to Ogbole, other projects earmarked in the 2020 budget include construction, rehabilitation of public buildings, provision and rehabilitation of water schemes, equipping and upgrading of the hospital across the state, among others.