Governor Babagana Zulum presenting the budget before the Borno State House of Assembly
By SADIQ ABUBAKAR, Maiduguri –
Borno State Governor, Babagana Zulum has presented on Wednesday an Appropriation Bill of a total sum of N234,831,950,000.00 for the 2023 fiscal year, to the Borno State House of Assembly for assent.
The appropriation bill is made up of 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 of 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.
Zulum also said that the Budget will also be financed by Capital Receipts of N95,685,089,000.00 comprising of loans and grant.
He noted that the 2023 Budget like the 2022 Budget would 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 governor added that the 2023 Budget would be facilitated by enhanced Internally Generated Revenue (IGR) as projected, while noting that the 2023 Budget projections were based on the following assumptions: –
- Expected Statutory Allocation Revenue of the Federal Government based on expected rise in crude oil prices and daily production rates and a Mineral ratio of 22%.
- Expected rise of local Revenue Collection as a result of sustenance and continues enforcement of payment of Ground Rent, and improving revenue generation of up to 25% annually
- Proposed crude oil price benchmark of US $75/barrel and a daily production of 1.5 million barrels/daily
- A projected National Inflation rate og 13.10% and National Real GDP growth rate of 3.10% and
- A proposed Exchange Rate of N415/$.
Major highlight of the budget showed that the Ministry of Finance got the lion share of N30.3 billion followed by education with N28 billionn and N25 billion for works.
More than N19.9 billion has been allocated to Ministry of Health and N19.6 billion for Ministry of Reconstruction, Rehabilitation and Resettlement.
Zulum, however, reminded the Speaker and house members that , in the last few years, “I have had the privilege and opportunity of executing three (3) budget proposals and have compelling reasons to simply look back and be proud about the gains so far made despite the challenges.”
” We have done it together and shall continue to do it should our people give us their mandate in the next general election to take our dear State to even greater next level. All our past efforts were focused on reconstruction, rehabilitation and resettlement and the 2023 proposal shall capitalise on those gains to sustain our resilience and restore our glory.
“I hope you will consider and approve this proposal which I believe is packaged for prosperity based on our developmental agenda in view of the improved security situations.
“I therefore count on you to continue the unrelenting support and co-operation for the collective wellbeing of our people. I once again thank you and hope to work with you again and ensure lasting peace for the development of Borno State.
“I wish our great party (APC) a resounding victory come 2023.
“On this note, I have the honour and privilege to formally present to you the 2023 Appropriation Bill for your kind and speedy approval,” Zulum said.
