Politics
GOV. Umaru Bago of Niger on Thursday presented a budget proposal of N1.56 trillion for the 2025 fiscal year to the House of Assembly.
The News Agency of Nigeria (NAN) reports that the budget is tagged “Budget of Hope for Sustainability and Food Security,”
Speaking at the presentation, Bago said the budget would consolidate the rapid socio-economic development of the state and strengthen the foundation to achieve the New Niger Agenda.
He said the budget would focus on key economic sectors including security, agriculture, health, education, water and sanitation, infrastructure development, social security and environmental sustainability.
The governor said the total anticipated revenue for the 2025 fiscal year was N1.558 trillion, representing a 48.32 per cent increase over the 2024 appropriation.
He said the breakdown of the budget is N196.33 billion or 13 per cent was for recurrent expenditure, while N1.362 trillion or 87 per cent was for capital expenditure.
Bago said the capital receipt of N933.558 billion was made up of N493.496 billion as loans and N440.062 billion as grants.
He added that the budget was based on assumptions including annual returns on investment from agriculture of N106.37 billion, annual earnings from solid minerals of N50 billion and sustained internal revenue drive.
He said that other assumptions include a proposed exchange rate of N1,500 per USD, a projected national inflation rate of 28 per cent and GDP growth rate of 3.7 per cent.
Bago noted that the budget also proposes a crude oil price benchmark of $75 and production benchmark of 1.7 million barrels per day.
He said the proposed recurrent expenditure for the 2025 fiscal year was N196.3 billion, with personnel cost taking N72.2 billion, overhead cost N51.106 billion and consolidated revenue fund charges N72.952 billion.
He further explained that the total projected capital expenditure for the year 2025 was N1.362 trillion, with the administrative sector taking N27.611 billion, economic sector N1.362 billion, law and justice sector N3.508 billion and social sector N224.926 billion.
The governor revealed that the agriculture sector is allocated N399.031 billion, with N314.5 billion coming from the Chinese Consortium and African Development Bank for Special Agro-Industrial Processing activities.
He said that the rural development sub-sector was allocated N4.6 billion, while the tourism sub-sector gets N7.1 billion.
The water resources sub-sector is allocated N22.097 billion, while the electrification/energy supply sub-sector gets N3.9 billion.
The infrastructure, housing and urban renewal sub-sector is allocated N437.088 billion, with N49.5 billion for the construction of 60.3km Matachibu to Bangi and 89km Bangi to Kanpani Bobi roads.
The education sub-sector is allocated N90.926 billion, while the health sub-sector gets N85.625 billion.
The general administration sub-sector is allocated over 15 per cent of the total proposed 2025 budget.
The Speaker of the House, Mr Abdulmalik Sarkindaji, commended the governor for his commitment to the state’s future, citing prudent resource allocation, infrastructure revitalisation, and investments in agriculture and education. (NAN)
A.I
Dec. 13, 2024
Tags: Gov. Umaru Bago Mr Abdulmalik Sarkindaji
