Borno State governor, Professor Babagana Umara Zulum has presented 2023 budget of N234.8 billion to the State House of Assembly for passage into law.
Presenting the 2023 budget tagged, ” Budget of continuity for sustainability,” in Maiduguri, Governor Zulum said N144.175 billion was budgeted for capital expenditure while N90. 6 billion was budgeted for recurrent expenditure.
LEADERSHIP reports that the 2023 budget is 2.1 percent and N34 billion lesser than the state’s 2022 budget which was N267. 9 billion.
The governor added that 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 the support of State House of Assembly recently.
He said the 2023 budget shall therefore be facilitated by enhanced Internally Generated Revenue (IGR) as projected.
In the budget presented by the governor, Ministry of Finance, Budget and Economic Planning got the highest allocation with N30 billion, while Ministry of Education followed with the allocation of N28 billion. Ministry of works got N25 billion, while Ministry of Health got N19.9 billion and Ministry of Reconstruction, Rehabilitation and Resettlement (RRR) got N19.6 billion.
” The 2023 budget projections are therefore 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 percent.
” 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 percent annually. Proposed crude oil price benchmark of US $75/barrel and a daily production of 1.5 million barrels/daily. A projected National Inflation rate of 13.10 percent and National Real GDP growth rate of 3.10 percent .A proposed Exchange Rate of N415/$,” Zulum said.