Zulum Budget : The budget projections are based on 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.
Borno State Governor, Prof. Babagana Zulum, has presented a proposed budget of N340.6 billion for the 2024 fiscal year to the State House of Assembly. The budget is made up of N198.3 billion for capital expenditure and N142.3 billion for recurrent expenditure, to be financed from FAAC revenue and Internally Generated Revenue (IGR). Capital receipts of N128.8 billion will also be used, consisting of Aid and Grant as well as capital development funds.
The budget projections are based on 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. The government has earmarked funds for all ministries, departments, and agencies to carry out their statutory obligations effectively and efficiently.
The Ministry of Agriculture and Natural Resources has been allocated N13.5 billion for both capital and recurrent expenditures, to undertake the construction of earth dams, maintenance of rural feeder roads, and the construction of a modern fish feed milling centre.
The Ministry of Education, Science, Technology, and Innovation has been allocated N39.4 billion for both capital and recurrent expenditures to construct three (3) new mega schools across the three senatorial districts, as well as training and retraining of teachers.
The Ministry of Environment has been allocated N5.4 billion for both capital and recurrent expenditures to undertake the construction of drainage to control floods and erosion, the rehabilitation of waterways, and planting of over ten million tree seedlings.
The Ministry of Health and Human Services has been allocated N51.1 billion for both capital and recurrent expenditures to renovate and rehabilitate general hospitals in the state and the State Teaching Hospital, Maiduguri.
The Ministry of Trade, Investment, and Tourism has been allocated N3.4 billion for both capital and recurrent expenditures to reconstruct branches of the state hotels and an inland container freight station.
The Ministry of Works and Housing has been allocated N45.4 billion for both capital and recurrent expenditures to construct and rehabilitate roads and drainages across the state.
The budget also includes allocations for the Governor’s Office, Government House, Borno State Emergency Management Agency, Borno State Geographic Information Service, and other key agencies to carry out their activities and responsibilities.
Overall, the proposed budget aims to boost economic growth, improve infrastructure development, and strengthen government services and programs in the State.
By Babagana Bukar Wakil, Maiduguri
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