Plateau Oil Benchmark Signed Into Law
A budget of one hundred and fifty four billion, seventy-two million, five hundred and seventy thousand, four hundred and forty-two naira (#154,072,570,442.00) only, which was presented to the Plateau State House of Assembly as an oil benchmark of $38 per barrel, has been signed into law.
Governor Lalong, who signed the budget into law at the Government House, Little Rayfield Jos, said the 2016 budget was unique and nationally in tune with the zero-based budgeting principle whereby total revenue equals projected expenditure.
According to him, considering the current economic situation of continuous fall in revenue arising from the drop in oil price to as low as $27 per barrel, the House considered and passed an estimate of #146,696,185,118.00 – made up of #73,371,074,960.00 only.
He said, capital vote and a recurrent expenditure was of #73,325,110,158.00 only, adding that, this shows a decrease of # 7,376,385,324.00 only, from what was presented to the House. “This phenomenon is part of a closed loop spending management approach, which will strategically reverse, and as much as possible eliminate the trend of large deficits on revenue.”
He assured the citizens of the state of government’s commitment to reducing the suffering, tackling of insecurity, ensuring peaceful co-existence and creating opportunities for every citizen of the state to live a meaningful and productive life.
According to him, “Through this budget of Rescue and Hope, we will address critical development projects and work assiduously towards addressing the outline interventions that will help us deliver on our 5-policy thrust of peace, security and good governance, among others.”