Emmanuel Adeyemi Lokoja
The Kogi State Governor, Alhaji Yahaya Bello Wednesday presented a budget of N176.12 billon for year 2020 to the state House of Assembly
The Deputy Governor, Edward Onoja who presented the budget proposal tagged’ budget of prosperity’ on behalf of the governor, said that the budget estimates is made of N92.933 billion recurrent revenue consisting of N21.032billion from internal sources, N50.43billion as the states share from the Federation account.
Onoja explained that N17.5 revenue is expected from value-added Tax while N120 billion is expected from the Excess crude.
He said that N100 billion is expected from exchange rate difference as a refund from Federal government while N2 billion is expected from Non-oil revenue just as N1.5 billion is being expected from from Forex equalisation and N120 billion is expected from excess bank charges.
The Deputy Governor told the state Assembly that recurrent revenue for the year 2020 stands at N92.932 out of which estimated personnel cost for the period will be 32.512 billion whereas N46.55billion is expected to be overhead cost thereby giving N78.96 billion as a recurrent expenditure for the year 2020.
In summary, Onoja said that the total estimated revenue ( I.e recurrent and capital receipts stands at N176.123 billion for the year 2020,making a total estimated expenditure (I.e recurrent and capital) stands at N176.123 for the year 2020 budget a balanced one.