In a strategic move poised to transform Nigeria’s energy landscape, Mele Kyari, the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company (NNPC) Ltd., has unveiled a bold initiative to harness the nation’s abundant gas resources for a revolutionary impact on the power and industrial sectors. The announcement came during the Shareholders Agreement (SHA) signing ceremony between NNPC Ltd., UTM Offshore, an indigenous company, and the Delta State Government, marking a significant step toward the development of Nigeria’s first Floating Liquefied Natural Gas (FLNG) facility.
In his statement delivered in Abuja, Kyari outlined the vision of utilizing gas to bring about a transformative shift in Nigeria within the next two to three years. “Our backbone infrastructures are almost ready to ensure we achieve that. Once that happens, we will see the immediate impact on the power sector, gas-based industries, and several collateral values this will create,” he affirmed, emphasizing the imminent progress on initiatives to bring gas to the domestic market.
Dubbed the “Budget of New Beginnings,” the 2024 budget reveals a profound shift in focus, allocating ₦162.3 billion to recurrent expenditure and ₦152.5 billion to capital expenditure. This budgetary evolution underscores Governor Mutfwang’s commitment to transformative governance and heralds a strategic vision to position Plateau as a beacon of prosperity and excellence.
“As governor, this Appropriation Bill encapsulates our vision to transform Plateau into a citadel of glory,” declared Governor Mutfwang. “We believe Plateau deserves better than what was previously in place. We encountered a state of neglect in critical sectors, and we are determined to lay a new foundation for a sustainable, excellent, and value-adding future. This budget reflects a significant step toward the comprehensive development of the state across all sectors.”
The governor’s optimism radiated as he expressed his belief that the implementation of the budget would significantly enhance the living conditions of the people. Urging citizens to rally behind the government for continued progress, Governor Mutfwang asserted, “We are committed to pursuing development to elevate Plateau among the states in Nigeria. As we begin the budget implementation next year, Plateau will rise to greatness.”
Commissioner for Budget and Economic Planning, Chrysanthus Dawam, shed light on the budget’s journey from proposal to enactment during the ceremony. Dawam disclosed that the government initially proposed to spend ₦295.5 billion in 2024. However, the House of Assembly, recognizing the magnitude of the challenges and opportunities ahead, bolstered the budget size to ₦314.8 billion.
Breaking down the financial architecture, Dawam outlined that the budget would be fueled by Internally Generated Revenue amounting to ₦38.3 billion, Federal Government allocation contributing ₦151.4 billion, and Capital Receipts totaling ₦60.2 billion, among other revenue sources. This diversified funding approach underscores the government’s commitment to tapping into various streams to realize the ambitious goals outlined in the budget.
The “Budget of New Beginnings” not only signifies a fiscal commitment but also serves as a rallying cry for the people of Plateau to collectively embark on a transformative journey. With a renewed focus on comprehensive development, Governor Mutfwang and his administration are set to navigate the intricate landscape of governance to elevate Plateau to unprecedented heights. As the implementation phase beckons, all eyes are on the state, anticipating the tangible impacts of this audacious budget on the lives of its citizens and the overall trajectory of Plateau’s development.