Borno State Governor, Babagana Zulum has presented a budget proposal of N234.8 billion to the state House of Assembly for approval against the N269.9 billion budgeted for 2023.
The budget tagged “Budget of Continuity for Sustainability”, was made up of N144.5 billion for Recurrent Expenditure and N90.6 billion for Capital Expenditure.
He noted that the ministry of Finance took the lion’s share with an allocation of N30.6 billion; education, N28. billion; works, N25.9 billion, health 19.9 billion, RRR 19.6 billion.
According to him, “a total sum of N234,831,950,000.00 has been budgeted for the 2023 fiscal year, which is made up N144,175,033,000.00 for capital expenditure and N90,656,917,000.00 for recurrent expenditure to be financed from Recurrent Revenue of N137,846,861,000.00 which will comprise FAAC Revenue of N67,981,950,000 Internally Generated Revenue of N33,171,306,000.00 Value Added Tax of N30,193,605,000.00 and other Federation Account sources of N6,500,000,000.00”
Zulum also explained that the budget will also be financed by Capital Receipts of N95,685,089,000.00 comprising loans and Grants.
“The 2023 Budget like the 2022 Budget shall be based on the Federal Government Fiscal forecast for 2023 to 2025 Medium Term Expenditure Framework which is already domesticated for the first time in the State through your support recently. The 2023 Budget shall therefore be facilitated by enhanced Internally Generated Revenue (IGR) as projected”.
Zulum has said that his government has achieved a lot within more than 3 and a half years by launching of a 25-year development plan.
Responding, the Speaker of the Borno State House of Assembly, Rt. Hon, Abdulkarim Lawan, assured speedy passage of the budget to enable the state government to continue recovering the state from the setbacks of 13 years of Boko Haram insurgency.
ALSO READ FROM NIGERIAN TRIBUNE
Gov Zulum presents N234.bn Borno 2023 Appropriation Bill to State Assembly
and then