2023 Budget: Nasarawa state Governor Presents N148.9b Budget of Consolidation

The Nasarawa state Governor Abdullahi Sule has presented 148.9 billion naira for the 2023 budget to the Nasarawa state House of Assembly for consideration.  Governor Sule made the presentation on Tuesday at the state House of Assembly saying the budget is to sustain and improve general security and good governance.

 

Sule said completion of ongoing projects commitment to workers’ welfare through the implementation of promotions up to date, as well as issuing some of the State’s Housing Units to State workers on an owner-occupier basis.

 

The creation of employment opportunities for women and youths in the State, while also providing inputs and Supporting Agriculture as a way of boosting production, developing the value chain, and strengthening commercial ventures for a stable economy.

 

“Development of infrastructure through Public Private Partnership (PPP) as well as an enhanced investment especially in the mining and housing sectors.”

 

The governor highlighted to the State Assembly the 2023-2025 Economic & Fiscal Update, Fiscal Strategy Paper (FSP) document which sets out the parameters for the 2023 Budget as follows: Oil price benchmark of 70 US Dollars per barrel; Daily oil production estimate of 1.69 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day);

 

Exchange rate of 435.57 Naira per US Dollar; and Projected GDP growth rate of 3.75 percent and 17.16 percent inflation rate. Anticipated Revenue Receipts in 2023.

 

He, therefore, announced that the total revenue of the 2023 estimate is in the sum of N148,958,122,525.05 noting that government also intends to leverage on the available Grants and other capital receipts of N49,304,574,951.02 to balance up the deficit in the 2023 budget.

 

“The budget framework shows the difference of N38, 108,167,645.56 representing a 34.28% increase against the 2022 budget.

 

“This rise in the budget is a result of full disclosure of support and other intervention from partners which hitherto were not made open until the coming of SFTAS which made it mandatory for partners to reveal all their contributions to the economy. 

 

The expansion is to enable the Government to sustain its momentum of consolidating on the previous achievements and development in the State. Details of these amounts are contained in the estimate’s document which I shall lay before you.

 

He further said the recurrent Expenditure is a total of N90, 566,516,459.56 representing 60.80% of the total budget earmarked for Recurrent Expenditure.

 

Adding it consists of a Personnel Cost of N47.65 billion which is made up of Salaries, Consolidated funds, Pension, Gratuities, and death benefits. Another Recurrent Cost of N42.92 billion is made up of Security and public debt service for both domestic and foreign loan repayment.

 

The Capital Expenditure he said stands in the sum of N58,391,606,065.49 representing 39.20% of the total budget is set aside as Capital Expenditure for the year 2023 while the total budget size is N148,958,122,525.05 for 2023 fiscal year.

 

The governor used the opportunity of this presentation to appeal to brothers and sisters who are contesting for positions from different political parties to play politics by the rule of engagement.

 

“I urge you to play politics without bitterness and to carry out campaigns in a manner that will enhance the progress and development of our dear State. Peace in Nasarawa state is for the benefit of all. Lack of it will affect everyone.” he added. 

 

” I call on the people of Nasarawa State to see what this Administration has done in all spheres of human development as a yardstick for voting for the right candidates in the forthcoming general election for continuity and sustainable progress and development of Nasarawa State.” He added.

 

Dominica Nwabufo