The Nasarawa State Government has said that it has planned to borrow N8.2 billion to finance deficit of the N100.5 billion 2020 budget of the state recently presented to the state House of Assembly by Governor Abdullahi Sule. State Commissioner for Finance and Planning, Haruna Adamu Ogbole, disclosed this yesterday during his analysis of the 2020 budget christened ‘Budget of Inclusive Development’. According to the commissioner, “the 2020 budget which has a marginal increase of N5.6 billion only; representing 6.0% increase as compared to the 2019 budget, would also be funded from the Statutory Revenue Allocation of N41 billion. This was even as he continued that the budget would also be funded from anticipated N1.08 billion Opening balance, N10.5 billion Value Added Tax (VAT), whereas N26.34 billion would come from Internally Generated Revenue (IGR) and N10.46 billion would be raised from Aid and Grants.
Ogbole continued that the sum of N49.4 billion; equivalent of 49.20% of the budget size, had been earmarked for recurrent expenditure, while N43.7 billion; which is 43.56% of the total budget size, was set aside for capital expenditure. He disclosed further that the sum of N7.2 billion, about 7.24% is the Consolidated Revenue Fund of the 2020 budget. He said: “Government intends to complete and embark on the following projects: completion of Kwandare – Keffi road, township roads yet to be completed, inter-city roads, Lafia Airport and dualisation of Shendam – Akurba road. Ogbole concluded that other projects earmarked in the 2020 budget include construction/rehabilitation of public buildings, completion of Lafia township roads, provision and rehabilitation of water schemes, equipping and upgrading of hospital across the state, among others.