Katsina State House Of Assembly Passed 2016 Budget.

Katsina State House of Assembly on Tuesday passed the state 2016 appropriation bill of N114 billion into

law.

The News Agency of Nigeria (NAN) recalled that the government presented a budget of N111.4 billion before the house for consideration and passage into
law. The budget, tagged “Budget of Restoration of Hope,” had capital expenditure of N72.7 billion and N38.7 billion as recurrent expenditure.

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The chairman, Appropriation Committee, Alhaji Hambali Faruk, who presented the report before the house, said that the committee increased the budget to N114 billion.

He said that the budget now had recurrent expenditure of N43.8 billion and N70.2 billion as capital expenditure.
 

Faruk explained that the internal revenue now stands at N26.3 billion, statutory revenue, N53.8 billion, capital receipt, N13.2 billion, CBN loans 10 billion and opening balance of 10.5 billion.

He said that N7 billion would be obtained from repayments of misappropriated funds by the previous administration.

Faruk said that internally Generated Revenue projection in the state had been increased. He said that development levy tax produces sales tax, annual rent for erection of GSM mast, issuance of licenses among others, were reviewed upward.

After the house adopted the recommendations of the committee, the Speaker, Alhaji Aliyu Sabiu, directed the Clerk of the House to prepare a clean copy of the budget for submission to the state governor for assent. 

Source : (News Agency of Nigeria)