Bayelsa State Governor, Hon. Seriake Dickson (left) presenting the 2014 Budget tagged ; Budget of Further Consolidation; to the Speaker of the State House of Assembly, Rt. Hon. Konbowei Benson at the State Assembly Complex in Yenagoa
The Bayelsa State Governor, Hon. Seriake Dickson has proposed a N299.2bn appropriation bill comprising N162.5bn Recurrent expenditure and N136.7bn Capital expenditure for the 2014 fiscal year as against N304.05bn passed into law by the State House of Assembly in 2013.
Presenting the appropriation bill to the State House of Assembly on Tuesday in Yenagoa, the Governor said the bill would be financed from a total revenue projection of N282.6bn and capital receipts of N16.5bn.
Tagged “Budget of Further Consolidation”, Hon. Dickson who restated his commitment to diversification from Oil and Gas sector in his estimation said the budget revenue profile consists of Statutory Allocation of N262.7bn, Value Added Tax; N7.8bn, Internal Generated Revenue; N12.2bn and Capital Receipts of N26.7bn.
On the estimated expenditures of N299.2bn, the breakdown, according to the Governor includes; Personnel cost; N39.003bn, Overhead cost; N51.5bn, Consolidated Revenue Charges; N58.8bn, Human Capital Development; N13.3bn and Capital expenditure; N146.7bn.
The budget which is aimed at completing all the massive infrastructural projects being embarked upon and stimulate agricultural and industrial production, according to the Governor would be private sector driven.
In his Sectoral analysis, Works and Infrastructure top the chart with a budget proposal of N40.005bn, Agriculture sector; N6.98bn, Education sector; N26.9bn and Human Capital Development; N13.3bn.
Other sectors include; Health; N7.5bn, Public Utilities; N7.7bn, Sports Development; N4.1bn, Social Development and Women Empowerment N1.6bn, Information and Communications, N2.1bn, Trade and Industry; N1.2bn, Tourism, N2.34bn, Transport, N3.7bn, Housing and Urban Development, N2.5bn and Ministry of State Capital Development, N2.96bn.
On budget implementation and monitoring of projects, the Governor stressed the need for budget discipline, adding that in compliance with the National chart of accounts, MDAs are required to adhere strictly to approved budget provisions in the 2014 financial year.
His words, the Ministry of Budget and Economic Planning through the State Budget Office is hereby directed to ensure the realization of this lofty target. I demand quarterly reports in this regard. In addition, the Due Process bureau and the Directorate of Project Monitoring must work in concert to ensure that all the projects slated for completion are completed on schedule.