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Deficit Financing 11 BUDGET OF RESILIENCE Prepared by Benue State Government B e n u e S t a t e B u d g e t 2 021 Table of Contents Benue State Budget 2021 Introduction 04 Budget Glossary 05-07 General Framework BUDGET SUMMARY 08 Where will the Money come from? REVENUE SUMMARY 09 Revenue Breakdown REVENUE PERFORMANCE 10 Deficit Financing BUDGET DEFICIT FINANCING 11 How will Government source the grants? DOMESTIC GRANTS 12-13 FOREIGN GRANTS 14-15 02 BUDGET OF RESILIENCE Table of Contents Benue State Budget 2021 How will Government source the loans? DOMESTIC LOANS 16 How will Government spend the money? EXPENDITURE SUMMARY 17-18 Expenditure: Where does the money go? RECURRENT EXPENDITURE 19 CAPITAL EXPENDITURE 20 TRACK CAPITAL PROJECTS WITH US 21 03 BUDGET OF RESILIENCE Introduction Benue State Budget 2021 What is a Budget? report. Citizens Budgets should also be accessible by the general public, including A budget shows what the government being published online on an official state expects to collect as revenue, what grants website. it expects to receive, how much it expects to save or borrow, and what the Why is a Citizens Budgets Important? government plans to spend on. Every responsible citizen has the right to A budget is a document that contains know how communal wealth is being details about how the government plans to expended in the delivery of public spend our communal wealth – the infrastructure and ser vices. State taxpayers’ money. Federal, state and local governments must ensure that citizens governments all have a budget document have a good understanding of how the which is called an Appropriation Act. budget directly affects their lives. In a democracy, every responsible citizen Citizens budgets foster a greater has the right to know how communal understanding of how public funds are wealth is being expended in the delivery of utilized, especially if the information public infrastructure and services. presented is a more accessible format than standard government budgets. What is a Citizens Budget? Although they are not meant to replace A Citizens Budgets is a simpler, less more detailed budget documents, they are technical version of a government’s budget important for informing citizens and civil specifically designed to present key society and contributes to the effort of information that is understandable by the increasing government accountability on general public. Citizens Budgets can vary how it manages public money. widely in focus, content, and length and be presented in a number of ways, ranging from a simple brochure to a comprehensive 04 BUDGET OF RESILIENCE Budget Glossary Benue State Budget 2021 Total Budget Expenditure: This is the budget are transferred to the states total amount of budget for the given f rom the fe der atio n ac co unts. year. It is the summation of both the Revenues that states directly collect Recurrent Expenditure and Capital and retain for its own use are called Expenditure as approved by the State internally generated revenue (IGR); House of Assembly and assented to by IGR includes personal income taxes, the Executive Governor. road taxes, property taxes etc. This is how the government plans to Budget Deficit: This is generally the spend, on behalf of the citizens, d i f f e r e n c e b e t w e e n w h a t t h e according to the resources it manages. government intend to spend on Government expenditure has two expenditures and the revenue main categories: Recurrent and Capital generation capacity. A deficit occurs Expenditure. when the expenditure figure is higher than the revenue and grants figure. Revenue: Revenue is all the amount of The total budget financing is the money the government believes it will summation of all the financing the collect during the year from recurring government intends to raise through taxes, levies and fees; put simply, this borrowing/ loans ( domestic and refers to money collected on behalf of foreign), sales of government assets or citizens. States in Nigeria receive a other deficit financing items. share of revenues collected federally such as oil revenues, corporate income Grants: A grant i s one of the taxes, VAT and excises and duties. government’s source of funds for funding ideas and projects to provide These are called statutory allocation, public services, stimulate the economy, VAT and other statutory revenue in the and benefit the general public. Grants 05 BUDGET OF RESILIENCE Budget Glossary Benue State Budget 2021 could be either from foreign or what they expect to collect in revenue domestic and is normally provided for and receive in grants, the budget is in a s p e c i fi c p r o j e c t a n d s e t o f surplus. A balanced budget is a budget e x p e n d i t u r e s. G r a n t s a r e n o t where total revenues are equal to the borrowing/loans so do not need to be total expenditures for the year. paid back after it has been used for the i n t e n d e d p r o j e c t a n d s e t o f When the budget has an expected expenditures. deficit, the government will need to finance the budget deficit. It can do this Loans: Another source of funds for the through sales of government assets or government to finance the budget is a through borrowing. Borrowing can be loan. Government borrows to finance from banks, multilateral institutions, its annual budget generally when the federal government or from revenues and grants are not enough to investors through the capital market fund all the expenditures in the budget. Loans could be domestic and or Recurrent Expenditure: Refers to foreign sources. Loans can be for a recurring payments: wages and specific project or set of expenditures salaries for civil servants; overhead or could be used to finance the general costs (electricity bills, purchase of budget expenditures. diesel); consolidated revenue account c h a r g e s ; t r a n s f e r s ( t o l o c a l Why does the Government borrow? government, for example); interest When the government intends to payments on existing loans; and other spend more money than they expect to (subsidies, for example). collect as revenue and receive in grants, the budget is in deficit. Personnel Cost: include salaries, allowance and other benefits that When they intend to spend less than 06 BUDGET OF RESILIENCE Budget Glossary Benue State Budget 2021 Government pays to its workers (civil building of schools, hospitals, roads, or servants). buying security equipment. Capital Expenditure is sometimes called Overhead Cost: These are any regular “Capex." expenses which are not paid directly to a civil servant or other government Sectoral Allocation: Expenditure is workers, including amounts billed allocated to different ministries, directly to customers. Overheads must departments and agencies (MDA). be paid for regularly. Examples are Each MDA will have an approved electricity bills, water bills, the buying budget of recurrent and capital diesel for generators, or the money expenditure as part of the overall spent on travelling during work, by civil approved state government budget to servants. run its daily activities as well as carry out projects associated with them C a p i t a l E x p e n d i t u r e: C a p i t a l respectively. Expenditure is money spent by government to acquire or build fixed It is recommended that States include capital assets, land or intangible allocations for all MDAs in the template assets. Capital Expenditure is how or at least the highest spending MDAs. much is used for projects like the 07 BUDGET OF RESILIENCE General Framework Benue State BUDGET SUMMARY Budget 2021 N134.4bn Total Budget Expenditure N114.4bn Total Budget Revenue & Grants N20bn Budget Deficit 08 BUDGET OF RESILIENCE Where will the Money come from? Benue State REVENUE SUMMARY Budget 2021 IGR N19.8bn N15.9bn Internally Generated Revenue Grants N41.5bn Statutory Allocation N13.8bn Value Added Tax N23.5bn Other Statutory Revenue N.bn Opening Balance 09 BUDGET OF RESILIENCE Revenue Breakdown Benue State REVENUE PERFORMANCE Budget 2020 2020 Budget Target 2019 Budget Actual 2021 Budget Target 2020 Actual 41.5BN 38.0BN 23.5BN 19.8BN 15.9BN 13.8BN 10.5BN 4.9BN Internally Statutory Value Added Other Statutory Generated Allocation Tax Revenue Revenue IGR 10 BUDGET OF RESILIENCE Deficit Financing Benue State BUDGET DEFICIT FINANCING Budget 2019 2021 Budget Target 2020 Budget Actual 20bn 12bn 12bn NA NA Domestic Foreign Loans Loans NA NA NA NA Sales of Government Other Deficit Assets Financing 11 BUDGET OF RESILIENCE How will Government source the grants? Benue State DOMESTIC GRANTS Budget 2021 N6.8BN TotalN7.6bn Domestic Grants N2.2BN N1.2BN CAPITAL DOMESTIC DOMESTIC GRANT GRANT-WORLD CURRENT-COVID- BANK SFTAS 19 CONTROL & (MIN.OF FINANCE) IMPACT (OAG) N2.5BN N5M MATCHING DOMESTIC GRANT – GRANT UBEC UNFPA (PHCB) (SUBEB) N7.2M DOMESTIC GRANT (MOEST) 12 BUDGET OF RESILIENCE How will Government source the grants? Benue State DOMESTIC GRANTS Budget 2021 N6.7M N50M N10M STATE CURRENT CURRENT GOVERNMENT DOMESTIC DOMESTIC GRANT GRANT GRANT- (BENUE STATE (MINISTRY OF APIN/REDCROSS WATERBOARD) EDUCATION) (PHCB) N7.7M TETFUND BENUE STATE POLYTECHNIC (BENPOLY) 13 BUDGET OF RESILIENCE How will Government source the grants? Benue State FOREIGN GRANTS Budget 2021 EXPENDITURE SUMMARY N9.04bn Total Foreign Grants N500M N221.8M FOREIGN GRANTS: FADAMA III - IDA IFAD-VCDP (BNARDA) (BNARDA) N45.0M N3.8BN UNDP/GEF WORLD BANK-CARES (BNARDA) (OAG) N100M WOFEE (BSPC) 14 BUDGET OF RESILIENCE How will Government source the grants? FOREIGN GRANTS Benue State EXPENDITURE SUMMARY Budget 2021 N500M GCCCE STATE UNIVERESAL BASIC EDUCATION (SUBEB)
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