Lalong signs N146bn 2016 Budget into law
Wed May 11, 2016 01:06:pm Politics
2.3K By sosa hills
Governor Simon Lalong Tuesday signed into law the 2016 budget estimate of N146, 696,185,118, showing a decrease of N7, 376,385,324 from what was initially presented to the State House of Assembly.
The sum N73, 371,074,960 is for Capital expenditure, while N73, 325,110,158 is for recurrent expenditure.
Speaking shortly after signing the budget into law, governor Lalong said: "The 2016 Budget is unique and nationally in tune with the zero-based budgeting principle, whereby total Revenue equals total projected expenditure.
"This phenomenon is part of a closed-loop spending management approach which strategically reverses and as much as possible eliminates the trend of large deficits on revenue.
"It therefore encourages critical review of every anticipated scheme that would lead to planned investment on development projects during the financial year.
"Let me assure our citizens that we would implement the budget with due diligence and ensure that fiscal discipline and financial intelligence in line with global best practices, is observed.
"We desire to multiply the impact of our interventions by strategically exploring and exploiting the wealth of resources and opportunities that we have in the Agriculture, Mineral Resources and Tourism Sectors," he stressed.
The sum N73, 371,074,960 is for Capital expenditure, while N73, 325,110,158 is for recurrent expenditure.
Speaking shortly after signing the budget into law, governor Lalong said: "The 2016 Budget is unique and nationally in tune with the zero-based budgeting principle, whereby total Revenue equals total projected expenditure.
"This phenomenon is part of a closed-loop spending management approach which strategically reverses and as much as possible eliminates the trend of large deficits on revenue.
"It therefore encourages critical review of every anticipated scheme that would lead to planned investment on development projects during the financial year.
"Let me assure our citizens that we would implement the budget with due diligence and ensure that fiscal discipline and financial intelligence in line with global best practices, is observed.
"We desire to multiply the impact of our interventions by strategically exploring and exploiting the wealth of resources and opportunities that we have in the Agriculture, Mineral Resources and Tourism Sectors," he stressed.
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