Ibrahim Shuaibu — Kano State Governor, Mr Rabiu Musa Kwankwaso has presented his administration's 2013 Appropriation bill of N235,304,929,000 to the State House of Assembly tagged "Budget of Economic Consolidation and Fiscal Discipline". The budget is made up of capital expenditure of N175, 510, 102, 000, representing 75 percent and a recurrent expenditure of N59, 794, 827, 000, representing 25 percent.
Governor Kwankwaso explained that "the recurrent expenditure proposal consists of N2.2billion for consolidate Revenue Fund Charges (CRF), N35.839 billion for Personnel Costs, and N21.706 billion for Overhead Costs, while the Capital expenditure programme of N175.427 billion will be funded from an expected surplus over recurrent receipts of N89.071 billion and an expected capital receipt of N67.139 billion".
*details to come later
Comments Post a comment
It is ironic that we see a figure of N235.00 Billion Naira as an amount so large that Nigerians often do not wish to peg such figures to the US Dollar exchange rate. What this figure simply amounts to in terms of equivalent sum is simply $1.488 Billion US Dollars in real terms. This is hardly the budget of the smallest city in the United States. Yet, this ia an amount earmarked for the development of a whole State in Nigeria ! This is actually less than the total price of the shipment of 4-million barrels of crude in a single month. However, if Nigeria is producing crude oil at a near capacity of approximately 3-million barrels per day, in dollars terms compared with the exchange rates with the Naira, the country should be flush with money for infrastructure transformation and other developmental projects. But, it would seem that the country's leaders have other priorities, such as having much of these funds transfered to private accounts. There is really no reason why Nigeria should be borrowing money from anyone. The country has enough in potential receivables that it should not even contemplate on borrowing any funds from any international financing body. What we need are sound management techniques in relation to our resources both in near and long terms. But, to maintain the culture of kleptocracy and cronyism, Nigeria may never rid itself of the very corrupt practices that has tied the country down. Our lack of objective appraisal of our choices will continue to derail every conceivable projects we put forward in the supposed interest of the country. We really need to outgrow our personal prejudices and focus our attention on true nation-building.