BY ABDULAZIZ BUBA, FEBRUARY 12, 2024 | 04:07 PM
Maiduguri, Borno State – February 13, 2024 – The Government of Borno State achieved 61.1% of its projected revenue in 2023.
The budget falls short of its target revenue but exceeded performance in some key areas.
This information was released by Engr. Babagana Mustapha Mallumbe, the state commissioner of budget and planning, during a recent address.
The state had initially set a revenue target of N235, 331, 950, 000.00 in its 2023 budget.
While falling short of this total, Mallumbe highlighted positive areas including exceeding the Value Added Tax (VAT) target by 127.4%.
Additionally, revenue from "other sources" like exchange gains and forex acquisitions saw a remarkable 434% increase compared to projections.
However, internally generated revenue (IGR) fell short at 58% of the projected amount. Capital receipts also missed the mark, reaching only 19.2% of the anticipated figure.
Looking ahead, the state has presented a more ambitious budget for 2024, with a projected total revenue of N358, 732, 146, 000.00.
This budget was passed by the Borno State House of Assembly in December 2023 and assented to by Governor Babagana Umara Zulum on January 10.
Mallumbe outlined key projections for this year's revenue, including N27.4 billion from IGR, N49.4 billion from VAT, N113.5 billion from the Federation Account Allocation Committee (FAAC), and N11.5 billion from other federal sources.
The commissioner expressed optimism about achieving this year's target, citing ongoing efforts to improve IGR collection and optimize other revenue streams.
He also emphasized the government's commitment to utilizing the projected income effectively to address priority areas like infrastructure development, resettlement of displaced communities, healthcare and education.
Despite the positive strides made in 2023, the Borno State government still faces challenges in maximizing its revenue potential; but diversifying its IGR sources and attracting more foreign investments, grants and other donor intervention will be crucial to achieving its ambitious goals in the 2024 budget and ensuring sustainable development for the state.
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