By Chimezie Godfrey
Sokoto state government has made a supplementary budget in the sum of twenty nine billion, three hundred and eighty nine million naira (N29,389,000,000.00) for this year.
The budget, according to the state Commissioner for Budget and Economic Planning, Hon. Hassan Muhammad Maccido will be used to offset the expenditure components of the state’s disbursements in the areas of personnel cost, over head cost and capital expenditure.
This detail was revealed at the close of the state executive council meeting presided over by the Deputy Governor, Manir Muhammad Dan Iya.
Briefing journalists after the meeting, Hassan gave the breakdown of the sum as follows: eight hundred and four million naira (804,000,000) for personnel cost, sixteen billion, four hudred and seventy four million naira(16,474,000,000.00 ) for over head cost while twelve billion, one hundred and eleven million naira (12,111,000,000.00) is for capital projects.
He said the reason for the supplementary budget is to utilize funds accruing to the state from additional revenue receipts this year ending to fund government’s programmes and projects for the remaining part of the year and up till the time that the 2023 budget will be pass into law.
The commissioner also explained that the supplementary budget became necessary considering the fact that price of goods and services has increased and the government is currently executing various developmental projects which have reached different stages of completion; thus requiring additional funding, for which the contractors have applied for the variation to complete them.