While the recurrent expenditure of the budget stood at N62,339,040,309.19, the capital expenditure is N93,526,299,230.58, representing 60 percent.
Mallam el-Rufai, who used the budget presentation occasion to lash out at the senators from the state for frustrating the state from accessing $350 million loan from the World Bank, said the state would forge ahead with its determination to provide dividends of democracy to the people.
According to the gover-nor, the 2019-2021 multi-year budget was based on the 2016 zero-based budget principles and “is tailored towards actualisation of our State Development Plan 2016-2020 as stated earlier.”
His words: “The 2019-2021 multi-year budget is hinged on the 2016 Zero-Based Budget principles and is tailored towards actualisation of our State Development Plan 2016-2020 as stated earlier.”
“The key targets from a fiscal perspective are to ensure the actualisation of the development priorities of the government as articulated in the State Development Plan and respective Sector Implementation Plans, SIPs;
“Maintaining a favourable proportion of capital to recurrent expenditures: at least, a target of 60:40 percent ratio;
“Ensuring adequate provision is made to complete 2018 projects in 2019;
“Expanding the revenue generation capacity of the state and maintaining a sustainable debt position in line with Federal Debt Management Office criteria.
“In simple terms, Mr. Speaker, we will strive to complete every single project we have started in each of our 23 local government areas and to pay the contractors we have commissioned to work for us.
“We will continue to cut the cost of government and ensure that our people are the ultimate beneficiaries of public resources.
“The summary of the draft 2019 revenue and expenditure estimates is the proposed 2019 budget size is N155,865,339,539.77, with recurrent expendi-ture of N62,339,040,309.19 and capital expenditure of N93,526,299,230.58, representing 40 percent as recurrent and 60 percent capital.”