The Taraba State House of Assembly on Wednesday passed the N110,168, 983, 942:00 2017 appropriation Bill for the state.
The Bill, which represents the budget for the year under review, was immediately signed into law few hours after its passage by the state governor, Darius Ishaku.
A total of N49,325,282,931:00 which represents 44.77% was budgeted for recurrent expenditure and sub heads while the sum of N60,843,701,011:00 was budgeted for capital expenditure and sub heads.
The sum of N35,316,172,195:00 is projected as revenue from the Federal Statutory Allocation while the sum of N24b is expected as revenue from refunds to the state government from the Federal Government.
In the same vein, the sum of N15b is projected as revenue from internal loans while the sum of N10b is projected as revenue from Value Added Tax (VAT) as well as the sum of N8,006,469,163:00 is projected as revenue from internally generated revenue (IGR).
Similarly, the sum of N6.6b is expected to be generated from Federal Government Budget Support while the sum of N5,920,523,625:00 is projected as revenue from Aids and Grants while N2,672,586,367:00 and N2,653,232,590:00 are expected to be generated from other miscellaneous receipts from the federation account as well as external loan.
Presenting its report to the House before the passage of the Bill, Chairman, House Committee on Finance and Appropriation, Hon Edward Baraya said the 2016 budget performance was below average ostensibly due to the economic recession worldwide.
He however noted that the 2017 budget estimates were higher than the 2016 estimates saying the development may not be unconnected with the expected improvement in the price of oil in the international market.
He further noted that despite the state benefiting from the 12 month Federal Government Budget Support Programme since June 2016, there are still backlog of unpaid liabilities of pension, gratuities and allowances as well as other benefits of public office holders in the state.
Signing the Bill into law at the Executive Council Chambers in the government house, Ishaku said the budget was predicated on the challenging scenario which the country’s economy is passing through and enjoined the people of the state to remain prayerful for continued improvement in the economy.
He equally appealed to the people of the state to live in peace with one another stressing that it is only through the attainment of peace that the government can achieve its vision of taking the state to the next level.
Expressing gratitude to the members of the Assembly for speedily working on the Appropriation Bill which he submitted to the House on 22nd of December, 2016, the governor assured that he would do everything within his power to ensure the actualisation of the collective dreams of the state as captured in the Bill.