Governor Zulum presents 2023 budget N234.8bn to Assembly

Borno State governor, Babagana Umara Zulum, yesterday submitted for approval to the state house of assembly a N234.8 billion budget plan for 2023.

The proposed budget for 2023 is N34 billion less than the previous fiscal year.

Zulum said, “The 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.

“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.”

With more than N30 billion, the Ministry of Finance leads all other ministries. The Ministry of Education, which received over N28 billion, and the Ministry of Works, which received over N25 billion, closely follow.

The Ministry of Health and the Ministry of Reconstruction, Rehabilitation, and Resettlement are next, each with over N19 billion.

 

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