Business
Benue Assembly Passes N112bn Budget
The Benue State House of Assembly on Wednesday passed the state’s 2012 budget of N112 billion.
Presenting the budget to the House, Mr Abraham Agba, Chairman, Committee on Finance and Appropriation, said the recurrent expenditure was N58 billion while the capital expenditure was N54 billion.
Agba further said that the budget had a deficit of over N23 billion.
He also said that the committee discovered that there was a variance between the estimates sent to the House by the executive and the financial profile provided by the Ministries, Departments and Agencies (MDAs).
Agba pointed out that the executive initially presented a budget of N105 billion but that after the defense by MDAs, it was discovered that N7 billion was omitted as a result of failure of the MDAs to present their exact estimates to the budgetary office.
The chairman further said that 30.72 per cent of the budget was allocated to the transport sub-sector while the finance sub-sector was given 12.8 per cent to enable it step up revenue generation.
He also pointed out that the agricultural sub-sector was allocated 4.82 per cent while water was given 9.1 per cent.
Similarly, he said, rural development sub-sector was given 10.42 per cent while the health sub-sector was allocated 4.01 per cent.
The Speaker of the legislature, Mr David Iorhemba, called on the state government to expedite action on the issue of the establishment of a pension commission in order to solve pension problems.
Iorhemba urged the state Ministry of Finance to release funds that were captured in the budget timely.
He also appealed to the executive to improve on its fiscal discipline by adopting a strategy that would enable it present the budget to the House early.
Iorhemba also advised the government to cut down on overhead and administrative costs.
He said the Ministry of Finance should not make funds available to any MDA that refused to remit money to the consolidated revenue fund.
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