The Commissioner for Finance and Economic Development, Mrs Eucharia Offor, made this known at the 2018 Budget Breakdown in Enugu on Thursday.
Gov. Ifeanyi Ugwuanyi recently signed the state budget of N103.56 billion, christened, “Budget of Sustainable Economic Growth’’ into law.
She also said the recurrent expenditure for 2018 was higher than the 2017 figure of N55.2billion.
The capital expenditure of N42.85 billion, representing 41.4 per cent was also lower than the 2017 figure of N50.52.
On sector allocation, the commissioner said that economic sector would gulp N24.16 billion; social sector, N13.79 billion; administrative sector, N3.5; law and justice sector, N1.2 billion; and regional sector, N152 million.
On the recurrent expenditure, she noted that personnel cost would gulp N37.5 billion; overhead, N17.23billion and subvention N5.98 billion
The commissioner said that the 2018 budget had been predicated on a recurrent revenue of N89 billion.
She said that N51.06 billion would come Federation Accounts Allocation Committee, N30 billion from independent revenue and 50 per cent or N8 billion from Refund from Paris and London Clubs.
“The recurrent revenue for the 2018 fiscal year of N89 billion, is higher than that of 2017, which stood at N71.37 billion; thus, showing an increase of 24.79 per cent,’’ he said.
On the state’s Internally Generated Revenue (IGR), the commissioner said that the state would use improved Information and Communication Technology (ICT) and e-payment platforms to achieve its target of N2 billion monthly IGR for 2018.
“The state government will expand the revenue base of the state by upgrading ICT infrastructure to bring all revenue generating Ministries, Department and Agencies into one platform as well as reviewing and updating relevant laws.
“This will support a robust and transparent revenue administration to realize our target of N2 billion monthly IGR,’’ she said. (NAN)