24 states government in Nigeria have proposed to spend N 11,142, 009, 379,655.1 approximately N11. 1 trillion in 2024 as budget expenditure. That is with Lagos State leading the pack with budget expenditure of N1.23 trillion in 2024, followed by Rivers State with budget estimate of N800 billion, Sunday Telegraph collation of 2024 budget for states showed. To finance expenditures captured in 2024 fiscal budget, states are banking on Internally Generated Revenue (IGR) and monthly revenue income from the federation account by the Federation Account Allocation Committee ( FAAC).

In 2024, Lagos State Governor, Babajide Sanwo-Olu, in a presented appropriation bill to the state’s legislature tagged “budget of renewal” put spending estimates for next year at N1.22trillion, representing 54.4%, while the recurrent expenditure stood at N1.02 trillion. (overhead, personnel, and recurrent debt servicing), totaling 45.6%. The state intends to finance deficits from external and internal loans and bonds. Total overhead cost is estimated at N527.782 billion, overhead, N304.753 billion; subvention, N123 billion; and dedicated funds, N100.010 billion.

Further analysis revealed that personnel cost was N319.23 billion, while recurrent debt servicing was N174.94 billion as proposed. Economic Affairs has the highest sectoral allocation of N535 billion; followed by Education, N199 billion, and N156 billion for health; N94 billion is for Environment; Social Protection, N50 billion, and Public Order and Safety N84 billion. In Rivers State, Governor Siminalayi Fubara, has signed the 2024 Appropriation Bill into law, totalling N800 billion. The budget, titled ‘Budget of Renewed Hope, Consolidation, and Continuity,’ according to the governor, would be used on infrastructural development.

The governor said the N800, 392,485,433.01 billion constitutes a recurrent expenditure of 361,598,242,570.85 and a Capital Expenditure of 410,266,485,090.64 The governor also noted that the budget would also focus on the socio-economic needs by investing in vital projects like the second phase of the Trans-Kalabari Road. Fubara said the N800 billion budget for 2024 fiscal year would be used to promote economic development and tackle the state’s socio-economic inequality. In Edo State, the Governor, Mr. Godwin Obaseki, signed the N342 billion 2024 appropriation bill into law after the bill was passed by the Edo State House of Assembly.

Obaseki commended the State Assembly for their collaboration, noting that the greater part of the budget will be used for capital projects to drive further development in the state. States and their budget estimate for 2024 are as follows: Oyo State N438,447,878.548.3; Kano N437 billion; Abia N567.2billion; Ondo N384.53 billion, Kwara state proposed budget expenditure of N296.4 billion; Ogun, N703.028billion; Ekiti State, N159.5 billion; Oyo, N438.4 billion; Sokoto, N270 billion and Delta State, N7.249 billion. Other states and their budget estimate for 2024 include Bauchi, which presented N300.2 billion;

Cross River N250billion; Zamfara N423 billion; Bayelsa N480.99 bil- lion; Enugu, N521.5 billion; Katsina, N454.3 billion; Imo N592.2 billion; Osun N273.9 billion; Kaduna N458.2 billion ;Kogi State, N258.2 billion and Nassarawa State, N 199.9 billion. Kaduna State Governor, Senator Uba Sani, on Friday, signed into law the 2024 appropriation bill of N458,271,299,477.66.

The budget had a capital budget size of N318,836,576,588.28 and recurrent spending of N139,434,722,889.38, representing a capital to recurrent ratio of 69.57 per cent to 30.43 per cent. Sani had said that education took the lion share of N115,421,129,011.16 or 25.19 per cent of the budget while state N71,647,821,975.33 or 15.63 per cent would be spent on the Health sector. The governor, while signing the appropriation bill into law at the Sir Kashim Ibrahim Government House, Kaduna, commended the lawmakers for expeditious passage of the bill.

In Osun State, with a budget size of N273,908,997,410.00 for 2024 fiscal year, it has recurrent expenditure ofN165,654,976,700.00 and capital expenditure of N108,254,020,710.00. Signing the budget into law, Governor Adeleke said it was a reflection of the focus of his administration to rebuild the battered state that he inherited. The governor also said the budget was a sign that his administration was target- ing recovery after successful revamping of all sectors of the state. Similarly, Abia State Governor, Dr. Alex Otti, presented N567.2billion budget for 2024 fiscal year for the state. The figure represents over N400 billion increase from the 2023 estimate of N160.5 billion.

The appropriation bill christened the “Budget of New Beginning”, according to Otti, “targets the expansion of our public infrastructure in line with our new development targets, scaling up access and quality service delivery in the social sector, with special focus on education and health where we are proposing to commit more than 20 per cent and 15 percent of the aggregate budget spending respectively.” He declared that 84 per cent of the total budget would be spent on capital projects while 16 per cent would be committed to recurrent expenditure.

The governor explained that the budget would be financed through government’s estimated total revenue of N166,077,717,058, including earnings from IGR channels, Federation Accounts Allocation Committee (FAAC), grants from multilateral organisations and income from other revenue sources that will be available to the state government over the course of the accounting year, while the balance would be sourced from borrowings. “All borrowing in the 2024 fiscal year would be committed strictly to capital development projects with direct impact on the economy of the state, especially roads, schools and medical facilities.

“The projection is that the impact of these projects on the general economy in the medium to long term would generate the sufficient returns that would enable the state meet her obligation to the creditors smoothly and ultimately pay off the loans in due course.” Otti further stated that in 2024 fiscal year, the state proposes to commit 44.76 per cent of the budget on the economic sector with the larger chunk of the resources going into works, (16.97%), land and housing (9.9%), agriculture (5.12%), and finance, (5.23%). “We shall be committing major resources in the 2024 financial year to the reconstruction and rehabilitation of some of the most important roads along the major economic corridors of the state.

The budget has provided for completion of some of the projects we started in 2023 including Port Harcourt Road Aba, Ossah Road, Umuahia- Uzuakoli-Abariba-Ohafia Road, Ozuabam-Ndi Okereke- Arochukwu Road, the dualisation of Umuikaa-Um- uene-Omoba Road, Dualisation of Owerrinta-Umuikaa Road, Nunya-Eluama-Isuikwuato Road, Onuimo-Abia Tower Road amongst others as well as the commencement of new road projects in parts of the state.” In Sokoto State, Governor Ahmed Aliyu, has presented the 2024 budget proposal of over N270 billion to the State Assembly for consideration. It was tagged “Budget of hope and resilience with Infrastructural Development.”

Of the proposed revenues, statutory allocation from the federation account was estimated in the sum of N138,929,550,974:00, Internally Generated Revenue N37,085,037,053:63 . In Imo, Governor Hope Uzodinma of Imo State on Tuesday, December 12, presented a budget of N592.2 billion to the Imo State House of Assembly, being an appropriation bill for the 2024 fiscal year. The proposal tagged, “Budget of renewed economic growth,” covers N100.99 billion recurrent expenditure and N491.200 billion capital expenditure. Presenting the budget, Uzodimma stated that the budget focused on the rapid economic growth of the state, adding that every fund projected for the development of the state shall be judiciously used to achieve common goals.

He also said that the capital expenditure increased by 32 per cent, which he said is an indication of his determination to stimulate and fast-track the economic growth of the state. “Prudent and efficient management of public funds is the new norm that cannot be compromised; as always, all capital projects must be subject to due process, routine scrutiny and audit,” he said. He urged the Parliament to grant an accelerated passage of the appropriation Bill to ensure that it is available from January 1, 2024. The Appropriation Bill was expeditiously passed into law and assented to by the governor in less than one week on the 18th December, 2023.

Please follow and like us: