Gov. Dave Umahi of Ebonyi on Wednesday presented the budget estimate of N145.4 billion for the 2022 fiscal year to the state House of Assembly for consideration.
The appropriation bill was tagged: “Budget of Latter Rain”.
Umahi said that it contained a comprehensive financial plan that would optimise emerging opportunities created by his administration.
The governor said it would reveal the hidden treasures in the state economic investment.
He said that the 2022 budget estimate represented an increase of 46.65 per cent over the 2021 revised approved budget of N99.157 billion.
Umahi said the increase was due to the carry over of a large part of the expected receipts in 2021 fiscal year to the 2022 fiscal year.
The governor said the state expected about N4.32 Billion from the Tertiary Education Trust Fund (TETFund) for the tertiary institutions.
He said the Universal Basic Education Board (UBEB) had a growth of over N1.2 billion.
According to Umahi, the budget will also be funded from funds expected to come from State Fiscal Transparency Accountability and Sustainability (SFTAS) which stood at N16.73 billion.
Other revenues are from the World Bank’s COVID-19 grants of N1billion and Federal Government bridging finance of N18.23 billion given to the 36 states.
He said that domestic loan of N7 billion would be needed to fund the 2022 budget deficit.
Umahi said the proposed capital expenditure stood at N89.76 billion representing 61.73 per cent of the bill, while the recurrent expenditure stood at N55.65 or 38.27 per cent of the total budget.
He noted that the proportion of 61.73 per cent capital expenditure to 38.27 per cent recurrent expenditure was structured bearing in mind the state determination to deepen the capital projects development.
Umahi said that the administration was resolute in completing projects in the state, tackle education, human capital development and engage the people through agriculture and other entrepreneurship programmes.
He said that in that regard, the state would prioritise key sub-sectors of the economy including education, works, infrastructure, agriculture, human capital development and Health.
He said that the six critical sub-sectors got over N77.47 billion covering 53.28 per cent, while other sub-sectors had over N67.940 billion covering 46.72 per cent.
The budget estimate of over N24.4 billion covering 16.78 per cent of the total budget sum went to the Ministry of Education and Ministry of Infrastructural Development for Concession got over N17.58.billion covering 12.03 per cent.
The Ministry of Works and Transport got N24.33 billion which represented 16.74 per cent of the budget.
The Ministry of Human Capital Development and Monitoring got N3.61 billion which stood at 2.48 per cent and Ministry of Health got N7.62 billion covering 5.24 per cent.
The Ministry of Agriculture was allocated the sum of N3.62 Billion covering 2.38 per cent of the 2022 budget estimate.
Umahi said that there would be provision for grants to farmers, provision of hybrid agricultural inputs in the state to drive agricultural development goals.
He added that there would also be support to increase food production, labour and intensive agricultural infrastructure.
The governor said that in the 2022 fiscal year, his administration would make effort to give more employment to the people.
He said that effort would also be made to stop leakages and illegal revenue collections.
Umahi said the dualisation of the Abakaliki-Afikpo and Abakaliki-Enugu highways which are ongoing would achieve over 80 per cent completion before the end of 2022.