Benue state Governor, Gabriel Suswam, has announced a budget of N69, 083, 526, 530 (N69b) for the 2011 fiscal year. The figure is lower than the N89.5billion approved in the 2010 fiscal year for the state.
Suswam, who presented the 2011 Appropriation Bill to the Benue state House of Assembly said the budget, christened: ”Budget of Continuity and Reformation,” would focus on the completion and commissioning of all infrastructural projects been executed by his administration across the state,
The governor explained in his address: “We framed the 2011 Budget to complement that of 2010, with the sole view to ensuring that we complete all projects started by our administration.”
A breakdown of the budget shows that the state government plans to spend N6.1billion on works and road construction; N2billion for purchase of fertilizers; N250 million for purchase of additional farm tractors to boost agricultural productivity, while the sum of N70million was proposed for on-going projects at the College of Agriculture, Yandev in line with the government’s objective to make agriculture a high employment generation sector for the teeming unemployed youths in the state.
According to Suswam, N600million would be spent during the fiscal year on completion of the Greater Makurdi Water Works project while N350 million would be committed to the upgrading and completion of Otukpo water project, adding that N253million would be utilised for the completion of the Katsina-Ala water project.
The budget, he explained, would be financed from an expected N28billion inflow from the Federation account, N6.4billion from Value Added Tax (VAT) proceeds and N7.8billion from capital receipts.
The Governor disclosed that all necessary regulatory requirements had been complied with to enable the state benefit from N13billion Bond from the Capital Market to finance specific projects such as completion of the Benue State University Teaching Hospital, construction of roads and completion of some water projects been executed in the state.
“Our expectations are that we should be able to generate internal revenue of about N7.4billion” he stated.
Governor Suswam assured the people of the state of his determination to hold sacred, the mandate freely given to him saying under no circumstance would he compromise or betray the confidence reposed in him.