Governor Samuel Ortom of Benue State on Thursday, November 5, 2020, presented the 2021 budget estimates of N132.592 billion to the Benue State House of Assembly for consideration and passage.
Named “Budget of resilience”, the budget estimates represents an increment of N23.769 billion or 18 per cent from the revised year 2020.
Ortom said the estimates represent an increase of 18% from 2019 budget of twenty-three billion, seven hundred and sixty-nine million, three hundred and fifty-eight thousand, one hundred and twenty-nine Naira (N23,769,358,129) as increase.
He said recurrent expenditure accounts for 68% of the budget with personnel costs take 37%, while overheads account for 31%.
The proposed fiscal year 2021 Recurrent Expenditure stands at ninety billion, eight hundred and ten million, nine hundred and fifty-one thousand, seven hundred and forty-nine naira (N90,810,951,749) only, representing 68% of the total budget.
This figure the governor said is made up of the sum of forty-nine billion, three hundred and thirty-eight million, two hundred and fifteen thousand, two hundred and sixty-three naira (N49,338,215,266) only, for personnel cost, representing 37% of the budget, and the sum of forty-one billion, four hundred and seventy-two million, seven hundred and Thirty-Six Thousand, Four Hundred and eighty-four naira (N41,472,736,484) only, or 31%, for overhead costs.
He said the major sources of funding are FAAC, Internally Generated Revenue, other receipts, domestic bonds, loans, and deficit financing.
