Borno state governor, Babagana Zulum has presented the 2023 appropriation bill of N234.8 billion to the state House of Assembly.
The budget is tagged “Budget of Continuity for Sustainability” made up of N144.5 billion for recurrent expenditure and N90.6 billion for capital expenditure.
From the budget outlook, the ministry of Finance took the lion’s share of N30.6 billion; education, N28 billion; works, N25.9 billion, health 19.9 billion and RRR N19.6 billion.
“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.”
According to the governor, 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,” he said.
The Speaker of the Borno State House of Assembly, 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.
