The gesture came barely a month after the governor presented the appropriation bill to the State House of Assembly for consideration and passage.
The lawmakers eventually okayed the bill on November 29th by jerking up the initial amount of N382. 57 earlier presented to them to about N20 billion, citing importance in some economic codes in the budget and inflation in the market for their action, but later review it down to slightly about N2 billion above the initial sum.
The governor who signed the bill at a moderate ceremony which took place at the state seat of power along Shendam road, Lafia, commended the legislators for the accelerated passage of what he referred to as a “realistic budget” for the state.
He promised that his administration will not fail the people of the state in the implementation of the 2025 budget.
“I understand that the members of the House of Assembly, including the Speaker had to reconvene and be recalled from their holidays during this difficult period and come back to give approval to the final budget. I want to sincerely commend you for that aspect and what you did on Friday last week,” he said.
He explained that the downward review became necessary in order to make the 2025 budget realistic.
“Today Nasarawa State is making a big inroad into most of the interventions that are coming from either the World Bank or various other development partners. The only way that we would continue to enjoy what we are enjoying today is if we show that our budget is performing,” he stated.
Presenting the 2025 appropriation bill before the governor earlier, the Speaker, Nasarawa State House of Assembly, Rt. Hon. Danladi Jatau, commended the governor for his passion to develop the state.
He hailed both arms for the existing synergy which is responsible for the speedy passage of the budget.
On her part , the State Commissioner of Finance and Budget Planning, Hajiya Munira Abdullahi said the 2025 budget was carefully prepared to reflect Governor Sule’s policies and programmes geared towards the upliftment and stability of the state.
“We are starting the year 2025 on the right footing. You have made prudent efforts to sustain the economic growth of the state and you are trying your best to ensure it is stable. You have an opening balance that is very very impressive going into the year 2025,” she said.
The 2024 “Budget of Renewed Commitment”
Presenting the 2025 budget to the assembly earlier, Governor Sule said his administration drew inspiration from the fact that the previous year’s budget performed optimally despite the precarious economic situation the country and state was faced with.
He noted that there was tremendous improvement in revenue inflows which also translated in the execution of policies and programmes. “I am happy to inform you that most of the road constructions, hospitals, sports facilities, school infrastructure, agricultural empowerment, human capital development, power and water projects, as well as provision of market facilities, among other projects are critically considered in line with the basic needs of our people,” he explained.
The governor said his administration was able to achieve much in the implementation of the 2024 budget through careful planning and prudent management of resources amid the turblent economic landscape which almost brought the country to its knees in 2024.
The economic challenges, he pointed out, was occasioned by sharp increase in the exchange rate, global inflationary pressures, and food supply shortages among others.
“These factors, compounded by an overstretched government budget, rising unemployment, youth restiveness, and other challenges,” he observed.
He said his administration did not only rebound from the challenges, but put in place necessary mechanisms that made it even surpassed its 2023 performance.
Governor Sule noted that with the strategies put in place, the administration was able to increas its expenditure from N83.8 billion in 2023 to N133.01 billion by the third quarter of 2024.
“This represents an infusion of nearly N49.21 billion into the State’s economy, a key factor in sustaining our economic growth,” he stated.
The governor said the strategy led to an increase in revenue with an unprecedented performance in the state’s internally generated which stood at N22.78 billion as at September 2024, the highest any administration in the state has ever witnessed.
He said as at September 30th, the state’s overall revenue generation was N160.58 billion, which represents 80.34% of the total projected revenue for the fiscal year.
“This includes N85.18 billion from the Federation Accounts Allocation Committee (FAAC) and N22.78 billion from Internally Generated Revenue (IGR).
“Additionally, we received N52.62 billion as capital receipts from aid, grants, and capital development funds, which form part of deficit financing,” he explained.
He expressed optimism that his administration would outperform the feat achieved in 2024 in the 2025 fiscal year, adding that all the indices look promising with increasing interest from both local and foreign investors in the state’s abundant solid mineral deposits and agricultural endowments.
He noted that the administration’s revenue collection and expenditure management reforms are yielding results, with notable improvements in independent revenue (Internally Generated Revenue) performance.
He, however, said to sustain the momentum, there was need to accelerate efforts by identifying and tapping into new revenue sources to reduce overreliance on external sources.
The 2025 Budget Of Economic Growth & Stability
Governor Sule explained that the 2025 budget aims to continue on the path of recovery, with a focus on improving education, expanding infrastructure, agriculture, health, security and technology sub-sectors.
According to him, the ratio of the recurrent to capital spending is another landmark achievement as the State is looking at improving capital spending that has direct bearing in the lives of the citizenry.
He averred that during the citizen budget consultations held across the various zones, there were numerous requests for improvements in water supply, agriculture, and security, among other priorities.
“However, it is important to recognize that these are competing needs, and it is not feasible to allocate the majority of the budget to all these sectors simultaneously, especially with limited resources. Therefore, we have allocated considerable funding to each of these areas, in alignment with the State’s overall priorities.
“Looking ahead to 2025, our focus will be on fostering a modernized economy. This includes driving digitization, expanding the manufacturing sector, and empowering agriculture, while leveraging the State’s fertile land.
“Through these efforts, we aim to create a stable and dynamic economy, one that not only provides for our current needs but also invests in our youth through strong development programmes and innovative educational systems. Our commitment to supporting the most vulnerable members of society remains unwavering, with targeted grants and initiatives designed to lift every citizen across all sectors.
“We are determined to expand our capacity to serve the people of our dear State, ensuring that the progress we make today will be carried forward by future Administrations, building on the momentum we have created,” he stated.