The Nasarawa state Commissioner of Finance, Mr. Haruna Adamu Ogbole, has said the N115 billion budget for this year will be funded through Internally Generated Revenue (IGR) and other revenue sources.
He made the disclosure while giving a breakdown of the budget in Lafia.
Ogbole said, “The budget size for this year is N115.7bn which was signed into law on December 30, 2020.
“The budget is to be funded from the following anticipated revenue sources from the Federation Account which includes statutory revenue allocation of N37bn; Value Added Tax (VAT) N15bn, Exchange gain N2.1bn and special allocation N3bn.
“Internally Generated Revenue (IGR) N26.43bn, aids and grants N16.28bn and a deficit financing (borrowing) of N14.46bn,” he said.
According to him, the expenditure estimate for the year is recurrent N53.8bn or 46.55 per cent; capital expenditure N54.8bn or 47.38 per cent; and consolidated revenue fund charges is N7bn or 6.21 per cent.
The budget allocation to sectors in percentages include, Education (30 per cent), Infrastructure (14.5%), Governance (12.9%), Finance and Investment (11.3%), Health (10.4%), Agriculture (5.9%), Law and Justice (3.7%), Legislation (3%) and Environment (2.8%).