Ikpeazu presents N157.5bn 2023 budget estimates to Abia Assembly

Governor Okezie Ikpeazu, on Tuesday, presented a projected budget outlay of N157,517,504,300 for 2023 to the Abia State House of Assembly.

The budget represents an increase of 6.95% from the 2022 budget of N147,787,781,300 billion.

Ikpeazu said the Valedictory Economic Expansion and Stability Budget was based on oil benchmark price of $70.0 per barrel, daily oil production of 1.69 million barrels, exchange rate of N435.57 per US Dollar, projected GDP growth rate of 3.75%; and inflation rate of 17.16%.

Ikpeazu said the recurrent expenditure of N75,044,764,400 is 47.64% of the total expenditure and 11.73% increase from the 2022 budget, while the capital expenditure of N82,472,739,900.

The components of the recurrent expenditure he said are as follows: personnel cost:- N33,689,581,700, overhead cost:- N19,192,659,300, and the consolidated revenue fund charges: N22,162,523,400.

That of sectoral allocation of the capital expenditure, he said are administrative sector- N15,184,970,000, economic sector: N48,782,088,800, law & justice sector: N821,547,300, and social sector: N20,684,133,800.

The budget only disclosed its expenditures but did not disclose its sources of revenue which include Statutory Revenue Allocation from FAAC, Internally Generated Revenue, Aids and Grants, both local and foreign and Facilities from Deposit Money Banks.

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According to the governor, challenges that faced the budget include “the lingering effects of the COVID-19 pandemic, instability in crude oil prices and production, the Russia-Ukraine war, rising insecurity, and the 2023 general elections and transition, hence Every economy has to design its own peculiar and unique solutions to the prevailing global problems.”

According to him, the government has pursued a number of signature projects across a range of sectors, “which pooled together, are aimed at improving the livelihood of Abians. Some of these include.

“We are working to deliver a detailed compendium of the projects undertaken and completed by this Administration between 2015 and 2023 for the public.

“The 2023 Budget is designed to focus on the successful completion of ongoing programmes and projects that have direct bearing on the people’s wellbeing.

“This will enable the Government to consolidate the gains of the past years in the provision of social amenities for the people,” he said.

In his response, the Speaker, Chinedum Orji assured the governor of speedy consideration and passage of the bill.