Mr. Speaker, Honourable members, once again, I am
delighted to be in this hallowed chamber for the presentation of the 2025
Budget Estimates of our income projections and the associated expenditures,
based on our development priorities and aspirations.
Mr. Speaker, as you are aware, this presentation is in
fulfillment of section 121 of the Constitution of the Federal Republic of
Nigeria 1999 as amended.
Let me therefore use this opportunity to commend you
and Honourable members, for your mature disposition to duty, and unalloyed
support to our government in the discharge of your duties. It is an expression
of the spirit of team work, which we should abide with in our efforts to build
the State of our dream.
Mr. Speaker, on assumption of office in our first
term, we christened our administration ‘The Prosperity Government’, which had
been the guiding principle of the economic policies, programmes and development
priorities.
Undoubtedly, these initiatives and the resultant
projects yielded good success, which explains the emphatic endorsement of our
government for second term by people of the state.
Following the gains and experiences of our First
Tenure, we are committed to advancing the socio-economic and infrastructure
development of our State.
Consequently, we have instituted a new mantra tagged
the “ASSURED Agenda” with seven pillars to serve as beacon to enhance our
economic growth, social development, infrastructure advancement, environmental
sustainability, cultural preservation and good governance.
As a responsive, transparent and inclusive government,
we have continued to encourage citizens’ participation in our budgeting process
through stakeholder engagement and public interactive sessions to fashion out
our development priorities.
I therefore wish to review some our activities in the
outgoing year.
OVERVIEW OF THE YEAR 2024 BUDGET IMPLEMENTATION
Mr. Speaker, in reviewing the year 2024 budget
implementation, I wish to state that a total of ?489,443,632,374.00 (Four
Hundred and Eighty-Nine Billion, Four Hundred and Forty-Three Million, Six
Hundred and Thirty-Two Thousand, Three Hundred and Seventy-Four Naira) and a
supplementary budget of ?270,800,000,000.00 (Two Hundred and Seventy Billion,
Eight Hundred Million Naira) was approved for the 2024 fiscal year.
Let me state that in the course of the implementation
of the 2024 budget, there were some extraneous moments triggered by global and
national challenges on the economy. However, our performance is over 70% as at
the third quarter of 2024. We have made significant strides in almost every
sector of our economy.
Permit me Mr. Speaker to highlight some very critical
programmes and projects that we have executed
Works and Infrastructure:
Our government has continued to demonstrate faithful
devotion to roads and other critical infrastructure in the State. In tandem
with our promise to connect all the LGA headquarters by road, we have continued
with the construction of the Senatorial Roads.
The 21km first phase of the Nembe-Brass Road with 10
bridges is progressing as planned and has reached an advanced stage. I am
pleased to report that the 620m Angiama-Oporoma Bridge is over 50% completed.
While waiting for the engineering timelines for the bridge, we have gone ahead
with the construction work to Otuan and Oporoma across the River Nun.
We have also started the Glory Drive Phase III that
will link Imgbi Road with a bridge crossing the Epie Creek.
Similarly, the Commissioners’ and Legislators’
quarters and connecting roads within the New Yenagoa City is near completion.
Other ongoing roads and infrastructure projects
include the Ogu–Ayama– Okodi Road; the Sabagreia – Polaku Road;
Toru-Orua-Bolu-Orua-Kabeama- Ebeni Road among others.
Furthermore, in this 2024 fiscal year, we have
completed a number of internal roads in Yenagoa and its environs as part of our
deliberate policy to give a facelift to our State capital. We are also
constructing internal roads in our communities. There is at least one road in
each of the State’s constituencies and several wards.
Education
In the education sector, our government has
consistently invested in infrastructure and human development. We have
continued the building of technical colleges in the LGAs, and improved the
facilities and amenities in the existing ones. Our goal is to increase
students’ intake into technical, vocational and science-based schools, and
reduce the over-reliance on paper qualification.
In the year under review, we have completed and
remodeled a number of new school buildings.
In our efforts to improve on the standard of education
in the state, we have strengthened the application of technology for our
education delivery through the BayelsaPRIME project and also employed more
staff (both teaching and non-teaching) to cover our manpower gaps in our
primary and secondary schools.
We have ensured that all programmes in our tertiary
institutions are fully accredited. We have also increased grants to our
tertiary institutions to meet with the existing realities.
Mr. Speaker, it is worthy of note that the contractor
for the NDU 10,000-seater convocation arena has been mobilized to site.
Civil Service
We have continued to place the welfare of workers as
top priority. In this outgoing year, we have also met the welfare obligation
for serving and retired civil servants, and we shall not relent on it. A new
minimum wage of N80,000 has been approved, effective November 1, 2024. We have
also provided the sum of Seven Billion Naira for the payment of outstanding
gratuities and also increased the monthly pensions forthwith.
Agriculture
Our efforts at developing the agricultural sector of
our economy is also worth mentioning here. Mr. Speaker, in the outgoing year,
our government provided support in different dimensions to ensure that the
agriculture potential of the State are harnessed, and benefits derived from
it.
Consequently, we have continued the training of youths
in various agricultural techniques and value chain activities within and
outside the country.
Furthermore, the State is in collaboration with the
World Bank for the construction of 80km rural roads under the Rural Access and
Mobility Project (RAMP) across the State. The designs for these projects have
been completed by the State Government. The roads when completed will boost
agricultural production/activities and enhance food security.
Social and Economic Programmes
As part of our socio-economic development activities,
our government in conjunction with development partners supported over 400,000
poor and vulnerable households through monthly cash transfers and grants in
agriculture, micro, small and medium scale enterprises. We have also embarked
on intervention projects in over 300 communities across the 105 wards of the
State.
Sports Development
Mr. Speaker, this government recognizes that our
youths are full of energy, which should be put to proper use. Therefore, we
have invested heavily in sports development. These investments have also been
yielding the desired results.
Mr. Speaker, as recounted above, our achievements in
the outgoing year is an open book, which well-meaning Bayelsans have continued
to applaud.
The 2025 Budget Estimates
Mr. Speaker, Hon Members, permit me at this point to
present to you the 2025 budget estimates
christened: “Budget of ASSURED Prosperity.”
Let me begin by saying that implementing the 2025
budget will require some level of efficiency and synergy in government
activities across Ministries, Departments, and Agencies (MDAs). Importantly,
the overall outcome of the 2025 budget will significantly depend on the level
of fiscal and monetary policy coordination. Therefore, our team, particularly
the Ministry of Budget and Economic Planning is charged to ensure fiscal
discipline, transparency, accountability and proper coordination in our
implementation processes.
To kick start a properly coordinated development
drive, the three-year Medium-Term rolling plan of the MDAs as expressed in the
Medium-Term Sector Strategies are consistent with the philosophy and objectives
of our ASSURED Agenda.
Owing to our desire to pursue a robust development, as
enunciated in the ASSURED Agenda, we have consciously crafted this 2025 budget
in such a manner that we are mobilizing funds for human capital and
infrastructural development initiatives,
covering the seven broad areas of the ASSURED Agenda, which are: Agricultural Revolution and Blue Economy,
Sports and Youth Development, Security and Peace, Urban Renewal and Rural
Development, Robust Healthcare Delivery, Energy Generation, Economic Growth and
Tourism, and Diversifying Education Towards Innovation and Technology, by
ensuring that our recurrent expenditure is kept within limits.
However, we have taken care to ensure that the
personnel cost, by way of salaries, pensions and gratuity are met timely and
fully.
Following the Executive Retreat earlier this year,
government has drawn up a comprehensive development Roadmap for the State,
which will be a guide to all our socio-economic and infrastructural development
activities.
Details of the 2025 Budget Estimates
Mr. Speaker, Hon Members, I now wish to present to you
a total Budget size of Six Hundred and Eighty-Nine Billion, Four Hundred and
Forty Million, Three Hundred and Forty-Eight Thousand, Nine Hundred and Sixteen
Naira, Thirty Kobo (?689,440,348,916.30) only for the 2025 fiscal year.
Therefore, the revenue breakdown is as follows:
Opening Balance: ????14,200,000,000
Statutory Allocation: ??? 17,000,000,000
VAT ????????57,000,000,000
13% Derivation + Refund: ???138,804,511,503.72
Refund on Excess Crude: ????29,062,795,619.25
Exchange Gains: ?????103,073,041,793.33
IGR: ???????39,000,000,000
Grants ???????39,400,000,000
Other Capital Receipts
(Electronic Money Transfer,
Signature Bonus, Cash Calls, Loans etc):
?141,400,000,000
Total ????????689,440,348,916.30
The Total expenditure for the year 2025 is therefore
broken down as follows:
Personnel Cost ??????91,961,743,951.04
Pensions and Gratuity including Contributory Pension
?????19,324,076,910.66
CRFC Transfers ?????3,346,460,935.00
Total Personnel Cost ???? 108,338,020,204.04 (13.3%)
Overhead Cost ??????79,650,869,203.67 (11.55%)
Grants, Contributions and Subsidies ?
?9,147,130,796.33
10% Contribution to SUBEB ???2,500,000,000.00
RDAs ???????4,500,000,000.00
Public Debt Servicing ????52,944,847,915.95
Total Recurrent Expenditure ???263,375,129,712.64
(38.2%)
Capital Expenditure????? 404,761,958,243.47
Planning Reserve ???? 21,303,260,960.18
Total Capital Expenditure ? ??
426,065,219,203.65 (61.8%)
Mr. Speaker, in this 2025 fiscal year, we are laying
the foundation of the ASSURED Agenda, and therefore pursue vigorously the
Roadmaps to a prosperous Bayelsa State.
Consequently, our expenditure breakdown in some of the
sectors is as follows:
Works and Infrastructure
Construction of Nembe/Brass Road,
Yenagoa-Oporoma-Ukubie Road, Ogu–Ayama–Okodi Road, Sabagreia – Polaku
Road, Toru-Orua-Bolu-Orua-Kabeama- Ebeni
Road, internal roads, Ultra-Modern State Secretariat, among others. The sum of
178,761,088,407.32 is allocated.
Education
The construction of additional science, technical and
vocational colleges, construction of the NDU convocation arena, provision of
school infrastructure, instructional materials, subventions to tertiary
institutions and others. The sum of 47,111,696,194.40 is allocated.
Sports
The construction of an ultra-modern stadium in
Yenagoa, upgrading of stadia, competitions, athletes and talent development
programmes. The sum of 37,850,000,000.00 is allocated.
Urban & Housing Development
The construction of 1000 housing units across the
eight LGAs. The sum of 13,680,000,000.00 is allocated.
Energy/Power ??????
Investment in gas systems, upgrade of various
substations, provision of transformers, extension of feeders, 1mega watts pilot
off-grid solar farms to complement power supply, distribution of network
extensions. The sum of 14,450,000,000.00 is allocated.
Agriculture ???????16,650,000,000.00
Security????????19,000,000,000.00
Healthcare??????? 19,194,188,466.06
Community Development?????10,200,000,000.00
Mr. Speaker, in our efforts at improving the
management of funds, we carefully crafted this budget in a manner of 61.8 to
38.2 per cent ratio between the capital and recurrent expenditures. This is to
enable us achieve projected dividends as encapsulated in the ASSURED Agenda.
Once again, I hereby direct the State Ministry of
Budget and Economic Planning to ensure strict adherence with the above ratio in
the course of the implementation of this budget.
Furthermore, I like to thank the good people of
Bayelsa State for their peaceful disposition, which has made our State
attractive to many.
The hopes and aspirations of our people rest on our
prudent resource management and I urge this Honourable House to scrutinize this
budget estimates with your characteristic diligence, not leaving out your
statutory oversight functions.
Mr. Speaker, Hon Members, permit me now to lay before
you the 2025 Budget of Assured Prosperity for your kind consideration and
timely passage.
Thank you
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