The 2021 state budget is geared towards human capital development, economic stimulation, fiscal space expansion and entrenchment of good governance.
Commissioner for Economic Planning and Budget, Mr. Emmanuel Igbasan, speaking at the breakdown of the “Budget of Hope”, said infrastructural development would take the largest chunk of the budget.
Total budget size is N174.873b, made up of N69.915b for capital expenditure and N79.084bn for recurrent expenditure.
N21.241bn is for statutory transfer while N13. 633bn is for debt repayment.
On recurrent expenditure breakdown, Igbasan explained that there was a slight increase of 5.4 per cent in the allocation in 2021 over the last year’s figure of N75. 022b, saying this was to cater for the ameliorative provisions for COVID -19 relief and payment of salary arrears of workers.
“In order to maintain and sustain all the laudable capital projects being put in place by the present administration, adequate provision was made for maintenance recurrent expenditure in 2021 budget. For personnel cost, the sum of N42. 228bn representing 53.4 per cent of the total recurrent vote was earmarked for personnel cos. This will take care of promotion, annual increment and salary arrears that may be paid in the course of the year.