Below is the overview of this 2023 budget as submitted by His Excellency Distinguished Senator Hope Uzodimma
Proposed Budget: N474. 466,276,267.00 (Four Hundred and Seventy Four Billion, Four Hundred and Sixty Six Million,Two Hundred and Seventy Six Thousand, Two Hundred and Sixty Seven Naira).
● CAPITAL EXPENDITURE:
Capital Expenditure in the 2023 Budget is N373,562,190,839 compared to the sum of N284,416,597,902 in the 2022 approved budget, showing 23% increase.
SECTORAL CAPITAL EXPENDITURE:
ECONOMIC SECTOR:
The 2022 Approved Capital Expenditure for the economic sector was N142,034,052,933, while the amount for 2023 is N185,717,754,040 representing 23.5% increase.
SOCIAL SERVICES SECTOR:
The 2022 approved capital expenditure for the social service sector was N55,757,500,000 but was slightly decreased to N35,566,149,294 in 2023, representing 36.2% decrease.
▪ GENERAL ADMINISTRATION SERVICES SECTOR:
The 2022 Approved Capital Expenditure for General Administration Services Sector was N78,125,931,053. The provision for 2023 under the General Admin Service Sector is N143,960,028,769, representing 45.7%increase.
▪ GOVERNMENT TRANSFERS:
The amount approved for Govemment transfers in 2022 Approved Capital Budget was N8,499,113,916. The provision for 2023 Govemment transfers is N5,259,526,824, representing 38%decrease.
LAW AND JUSTICE SECTOR:
The sum of N3,058,731,912 was provided under this sector in 2023.
(v)Insummary,the 2023 Capital Expenditure is N373,562,190,839, representing 78.7%of the total budget size.
The 2023 Budget came to a lotal of N474,466,276,266.90(Four Hundred and Seventy-four Billion,Four Hundred and Sisty-six Million,Two Hundred and Seventy-six Thousand,Two Hundred and Sisty-six Naira,Ninety kobo).
▪ 2023 RECURRENT REVENUE IN COMPARISON WITH 2022 APPROVED BUDGET.
Revenue Head Recurrent Revenue items 2023 Proposed Budget 2022 Approved Budget % increase/decrease
Internally Generated Revenue
79,844.525.976 63,158,291.155
20.9% increase
State share of the Federation Account 35.014,489.618 37,928,242.046 – 7.4%decrease
410 Value added Tax(VAT)15.774,358.033 21.195.059.10925. 6%decrease
▪ Excess Crude Fund 2,966,000,000 8.900,000.00066. 7% decrease
▪ 13%Derivation Fund 11,683,583,907 10,379,446,91211. 2% increase
▪ Exchange Gain different 769,946,557 232,682.59569. 8%increase
Forex Equalization Account
1,740,831,048 115.799,16493, 3% increase
Excess Bank charges 94.081.720 8.986.89090. 4% increase
Other External Revenue 2,562,372,569 936,899.331 63. 4% increase
The total Recurrent Revenue for 2023 budget is N150,450,189,428, while that of 2022 was N142,855,407,202, represent 5.1% increase in revenue projection.
RECURRENT EXPENDITURE:
Recurrent Expenditure is N100,904,085,427.73 as against the sum of N96, 746,349,775 in 2022 approved budget.This shows 4.1% increase.
