Jutha Gupah, Maiduguri
Governor Babagana Zulum of Borno state has presented a N234 billion budget to the House of Assembly for the 2023 fiscal year.
According to him, all the ongoing projects for 2022 are to be completed next year, while implementing the budget by Ministries, Departments and Agencies (MDAs).
The next year’s budget has decreased by 12.31 percent over the 2022 budget of N270 billion.
Presenting the budget, yesterday (Wednesday), in Maiduguri, the Governor, disclosed that capital and recurrent expenditures gulped N144.2 billion and N90.66 billion respectively.
On the finance of Budget, he said: “The implementation of this budget will be financed from the recurrent revenues of N137.85 billion,” comprising the Federal Accounts and Allocation Committee (FAAC) revenue of N67.98 billion.
The budget tagged: “Budget of Continuity for Sustainability,” will be implemented with an Internally Generated Revenue (IGR) of N33.2 billion and the Value Added Tax (VAT) revenue of N30.2 billion.
According to him, other federation account sources of N6.5 billion and capital receipts of N95.7 billion comprising loans and grants are to execute the appropriation bill.
Besides, he noted that the budget shall be based on the federal government fiscal forecast for 2023 to 2025 Medium Term Expenditure Framework (MTEF).
He further disclosed that; “This budget shall therefore be facilitated by enhancing IGR revenues as projected.
“Other sources to implement this budget include other federation accounts sources of 193.61 billion.
“We also expected a rise in local revenue generation on ground rents by 25 per cent annually.”
In a breakdown of sectorial allocations, he said that the Ministry of Finance took the lion’s share of N30 billion, while Education and Works sectors were respectively earmarked N28.23 billion and N25.62 billion.
The Speaker of the House of Assembly, Abdulkarim Lawan, assured the Governor that the passage to the budget will be accelerated by the 28-member legislators.
End.
