Bomadi Council to spend over N4b in 2015

The Chairman of Bomadi Local Government Area, Hon. Oluwole Karetimi has presented a Budget of N4, 782,332,444.72 to the legislative arm for consideration and passage into law to enable his administration meet up her financial obligation for 2015.

Presenting the draft estimate to the lawmakers at the plenary, Karetimi stated that the 2015 Budget was aimed at infrastructural expansion, rural transformation and overall socio-economic development with specific emphasis on stimulating agricultural production.

Addressing the House, the Chairman who christened the 2015 estimate, “Budget of Redemption, Budget of Hope” averred that it is justified by the yearnings and aspirations of the people as a result of the huge development gap, saying that the 2015 Budget will enhance service delivery that will have direct bearing on the lives of the people of the Bomadi Local Government Area

Giving highlights of the draft estimate, the Council Chairman said that the 2015 Budget has a 79.8% increase with an estimated N2,576,393,000.00 representing 46.1% for the total Budget Capital Expenditure and N2, 205,929,444.72 representing 53.9% for Recurrent Expenditure compared to that of 2014.

He told the legislators that the total Recurrent Revenue to finance the 2015 Budget stands at N4,782,322,444.72, which comprises N4,012,588,444.72, representing 85% as Revenue accruable from the Federation Account.

While other revenue will account for N746, 710,860.00 or representing 15.6%, Independent
Revenue stands at N23, 023,140.00, which represents 0.5% of the total, projected revenue.

Karetimi explained that the decision to have the structure of 46:54 ratio of Capital and Recurrent Expenditure respectively in spite of the dwindling Revenue and Expenditure projections is in line with best practice of operation of fiscal policy, just as he maintained that “We are expecting 90% optimal implementation to juxtapose available resources. The goal is to achieve result, accelerated and rapid growth, progress and development”.

The Leader of the Council’s Legislative Arm, Hon. Bekes Peretonbofa while thanking the Chairman, said the presentation of the budget by the Chairman marked the first reading, even as he assured the executive that the House will give it speedy deliberation with a view to achieving immediate passage into law.

Hon. Peretonbofa therefore committed the Budget to the House Committee on Finance/Appropriation and Budget Implementation and urged them to surgically examine the Budget and come up with a critical analysis, with necessary amendments for the House to look at before final passage into law.

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