The Bayelsa State Governor, Douye Diri, on Wednesday presented the 2022 Budget proposal of N310.7 billion to the state House of Assembly in Yenagoa.
The governor said the 2022 Appropriation Bill christened “Budget of Sustainable Growth’’ would be funded partly from borrowing and grants from development partners.
He added that the administration was formulating a 30-year development plan for the state.
Diri said when the budget becomes law, the government would build critical infrastructures, sustain urban renewal and development, create wealth and job opportunities as well as build human capital and strengthen agriculture.
He said: “We intend to explore other sources of funding apart from our projected revenue and expected federal allocation.
“We intend also to borrow N45.8 billion to fund 13 percent of the total budget estimate.
“The expected aid and grants from our development partners are estimated at N24.7 billion, which is approximately 8 percent of the total budget estimate.
“The 2021 ‘Budget of Growth’ was based on a benchmark oil price of $38 per barrel of oil and production capacity of 1.8 million barrels per day and an exchange rate of N379 to the dollar.
“Notwithstanding shortfall in our expected revenue inflow and the rise in our internal expenditures, we gave the approval to augment payment of new minimum wage to local government workers, primary school teachers, and cleared minimum wage arrears.
“The 2021 Budget was framed to give the state a positive outlook and drive it to a genuine path of prosperity after the 2020 COVID-19 pandemic.”
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