Bayelsa Governor, Douye Diri
Bayelsa targets N20bn from IGR in 2022
[From CHRIS EZE, Yenagoa]
Bayelsa Government has projected raising N20 billion from internally generated revenue (IGR) sources in the year 2022.
This was one of the high points of the 2022 Appropriation Bill, christened “Budget of Sustainable Growth” presented to the House of Assembly by the governor, Senator Douye Diri.
The budget which has a total proposal of three hundred and ten billion, seven hundred and seventeen million, six hundred and eight thousand, three hundred and fifty-three naira (N310, 717, 608, and 353.00) would also be funded from a projected statutory allocation of N43. 034 billion, Value added tax, (VAT) of N16.233billion, 13% derivation of 117. 374 billion, excess crude of N43.575 billion, among others.
According to the governor, the revenue projection for 2022 is slightly lower than that of 2021 which stood at N329.029), representing a reduction of about 3.54%.
He said that capital expenditure is One hundred and ten billion, nine hundred and eighty million naira, (N110.9), representing 35.72% of the budget.
A breakdown of the capital expenditure shows that the Ministry of Works and Infrastructure and Ministry of Agriculture have the highest allocation of N51 billion and N12 Billion respectively. Ministries of Health and Education got N4 billion respectively, while Finance got N3 billion.
The governor thanked members of the State Assembly for partnering with him to ensure that the target of 2021 “Budget of Growth” was significantly achieved despite obvious challenges.
“In this regard, I wish to commend your efforts in approving expeditiously the 2022-2024 Medium Term Expenditure Framework and Fiscal Strategy Paper. It is my confidence that you will continue to partner with the Executive arm by ensuring that deliberations on this 2022 budget estimates are completed in record time so that the Appropriation Law can effectively start from next year.
“In spite of the several difficulties that constrained the implementation of the current year 2021”Budget of Growth”, our determination to succeed has always been fervent. Consequently, we were able to realize major achievements and implemented cardinal programs and projects that formed the bedrock of the 2021 budget”, the governor stated.
