Bayelsa State Governor, Hon Seriake Dickson on Thursday assented to the 2015 budget proposal of N251,56,173,363 into law.<\/p>\n
Speaking shortly after signing the appropriation bill, christened, \u2018Budget of Further Consolidation and Completion,\u201d in Yenagoa, Governor Dickson lamented the drop in the state\u2019s revenue receipts of 50%, which has adversely affected the government\u2019s development projections.<\/p>\n
The budget which had an estimate of N320 billion, was reduced to N251, 56,173,63 by the State House of Assembly, to reflect the present economic challenges of falling crude oil prices, thereby making the budget implementable.<\/p>\n
According to Governor Dickson, in spite of the State\u2019s revenue receipts of 50%, projects are still being funded, even though the pace has been slowed down by financial constraints.<\/p>\n
He also stressed the need to intensify efforts at boosting the internally generated revenue of the State, assuring that, the government would devise ways of building an alternative source of revenue to sustain the economy.<\/p>\n
Presenting the 2015 budget proposal for the Governor\u2019s assent, Speaker of the State House of Assembly, Rt. Hon Konbowei Benson gave a breakdown of the revenue and expenditure profile of the budget.<\/p>\n
Rt. Hon. Benson explained that, the revenue profile comprises statutory allocation of N182.8bn, VAT N8.6bn, internally generated revenue N11.5bn, internal loans N48.8bn amounting to N251, 56,173,63.<\/p>\n
On the expenditure profile, the Speaker said personnel cost stood at N49.5bn, overhead cost N49.6bn, consolidated revenue charges N56.8bn and capital expenditure of N95.7bn, totaling N251bn.<\/p>\n
Mr. Konbowei described the budget as a balanced one, which is the 4th<\/sup>\u00a0in the life of the present administration.<\/p>\n Meanwhile, the Chairman of the Local Government Service Commission, Chief Adolphus Forcados has been sworn in alongside three new Executive Council members.<\/p>\n The executive council members are Ms Nengi Rufus-Spiff for Women Affairs, Chief Tubonah Talbot Nengi, Special Duties, Bayelsa East Senatorial District, while Mr. Freedom Josiah Osain was sworn-in as Tourism Commissioner.<\/p>\n Chief Walter Ben-Wari, formerly of the Ministry of Special Duties, Bayelsa East Senatorial District is now in charge of Water Resources, while former Commissioner of Tourism, Julius Otele moves to Housing and Urban development Ministry.<\/p>\n \n Daniel Iworiso-Markson<\/strong><\/p>\n Chief Press Secretary to the Governor of Bayelsa State<\/p>\n \n","protected":false},"excerpt":{"rendered":" Bayelsa State Governor, Hon Seriake Dickson on Thursday assented to the 2015 budget proposal of N251,56,173,363 into law. Speaking shortly after signing the appropriation bill, christened, \u2018Budget of Further Consolidation…<\/p>\n","protected":false},"author":1,"featured_media":36028,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-37155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n