Bello presents N172b budget to Kogi Assembly, Kwara gov N189.4b

Senate okays FCTA’s N607.9b budget for 2022

[FILES] Senate president Lawan. Photo/facebook/omoagege1

Kogi’s approved budget for last year was N167,301,962,197. Presenting the budget to the lawmakers, Bello described it as the people’s budget, adding that 2023 to 2025 multi-year budget was premised on zero budgeting principles, tailored towards the actualisation of the state’s development plan.
The governor disclosed that the 2023 budget objectives and targets were geared towards peace and security, quality education at all levels, democratisation of access to healthcare through an efficient healthcare delivery system and infrastructure.
Recurrent expenditure of the budget is N101,315,129,341 (58.87 per cent), while N70,775,657,951 (47.13 per cent) is for capital projects,
Also, Kwara State Governor AbdulRahaman AbdulRazak, yesterday, presented the 2023 ‘Budget of Hope and Continuous Development’ to the House of Assembly.
“Today, I stand before this honourable house to present the 2023 Appropriation Bill. This fiscal document is as significant in its provisions as it is in expanding the gains of the past three years for maximum socio-economic benefits of the state,” he told the lawmakers.

The size of the 2023 budget is N189,436,248,054, with a recurrent expenditure of 49.1 per cent and capital component of 50.9 per cent.
Its key assumptions are oil price of $70 per barrel; oil production of 1.69 million barrels per day; exchange rate of N435 to the dollar; Gross Domestic Product (GDP) growth of 3.75 per cent; and inflation rate of 17.16 per cent.
One month to the end of the fiscal year, the Senate has approved N607.952 billion budget for the Federal Capital Territory Administration (FCTA) for 2022.
A breakdown of the budget indicated that N76,565,904,857 was set aside for personnel costs and N138,199,851,110 for overhead costs, while the balance of N393,182,267,614 (64 per cent) is for capital projects.
The approval came after the consideration of the report of the Senate Committee on FCT headed by Smart Adeyemi.

Addressing newsmen shortly after the passage of the Appropriation Bill for President Muhammadu Buhari’s assent, Adeyemi listed some critical areas the new budget seeks to address.
He said the National Assembly deliberately put the capital expenditure at 64 per cent to ensure that all ongoing projects are completed for the benefit of FCT residents.