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• Lagos votes 55% for capital expenditure • Kaduna surpasses $500m investment drive
Lagos, Delta and Cross River states, on Thursday, presented a total of N2.58tn budgets for the 2023 financial year.
In Lagos, Governor Babajide Sanwo-Olu presented the 2023 Appropriation Bill to the House of Assembly.
The governor presented a budget estimate of N1.692 trillion tagged, ‘Budget of Continuity.’
Sanwo-Olu, during the presentation, said the budget would help his administration to complete ongoing projects, expand social intervention programmes, support the citizens, and assist micro and small businesses.
He said, “I am privileged to present to you today the year 2023 budget proposal which is tagged ‘Budget of Continuity.’ As earlier stated, this is the last budget before the 2023 general elections. It is therefore an opportunity to consolidate all that we have been doing since the inception of this administration, towards satisfying the yearnings and aspirations of the people of Lagos State.
“In view of this, I am pleased to present to you the year 2023 Budget of Continuity – as proposed – with a total budget size of N1,692,670,759,894, comprising a total revenue of N1,342,670,649,640 and deficit financing of N350,000,000,000.
“This comprises total Internally Generated Revenue of N1,108,435,649,640 and total federal transfer of N234,235,000,000. We equally propose a recurrent expenditure of N759,958,569,792, comprising total overhead, total personnel cost and recurrent debt service. As regards capital expenditure, we propose a total figure of N932,712,190,102.”
In the budget’s breakdown across sectors, economic affairs had the highest with N339.482bn, which represented 20.06 per cent of the total budget. Next was general public service – N308.363bn (18.22 per cent); education – N153.445bn (9.07%) and health – N67.358bn.
The Speaker of the House, Mudashiru Obasa, advised the executive to do more in the months leading to the end of the administration.
“The year 2023 budget of Lagos should have a more human face, be targeted at reducing poverty and improving the welfare of the residents of the state as part of the THEMES agenda that guides this administration.
“There is, therefore, no doubt that in the remaining months leading to the end of this administration, so much more needs to be done. So much is still needed from us as the good people of Lagos yearn for more dividends of democracy, especially at this critical time,” he said.
Ayade budgets N330bn
Meanwhile, Governor Ben Ayade of Cross River State presented before the House of Assembly a budget proposal of N330bn for the 2023 fiscal year.
The budget christened, ‘Budget of Quantum Infinitum’, was targeted at the citizens and to complete and commission all his projects in the last seven years, Ayade said.
He said explained that the budget was tagged ‘budget of quantum Infinitum’ because it was carrying mass aspects of the state progressive and development plan.
He said that the recurrent expenditure would accommodate the payment of salaries, gratuities and pensions, and also cushion the effects of hardship and poverty in the state.
“For capital expenditure, we have budgeted a sum of N200 billion which represent 61 per cent of the budget estimate.
“The capital expenditure will provide for the completion of all the projects that are yet to be completed in the state.
“I wish to call on the Federal Government to support this budget and help us to complete our projects. Since the loss of Bakassi, the state has continued to suffer economic hardship.
“This budget seeks to carry too many things given our commitment to sustaining the growth and development of the state,” he said.
He also said, “There’s a provision for grants, there’s a provision for conditional cash transfer, there’s a provision for social comfort just for the betterment of our people.
“There’s a provision for health insurance for those who are zero income earners. All of those massive aggregate provisions are to show that we focus on the people.
“In this budget, we have also made provision for conditional cash transfer of N5,000 to N10,000 to the rural dwellers. They need it the most because indeed we care about the people.”
He revealed the sum of N5 billion was budgeted for security to provide vehicles and modern equipment for security agencies.
“Also in the budget, we have budgeted the sum of N18 billion for the aviation sector and the sum of N7 billion to provide solar electricity in Calabar metropolis.”
Okowa presents N563bn budget, knocks Nigeria debt
Similarly, Governor Ifeanyi Okowa of Delta State, on Thursday, presented 2023 budget estimate of N561.8 billion at the State House of Assembly, decrying the level of Nigeria’s debt
Okowa, who presented the budget estimate christened, ‘Budget of Seamless and Stable Transition’, lamented the huge debt overhang of the nation.
He said, “I wish to announce that the projected budget outlay for 2023 fiscal year is N561,820,596,524, showing an increase of 17% from 2022 Budget.
“However, we should not be under any illusions whatsoever that it is going to be smooth-sailing. The national economic and fiscal outlook is anything but cheery.
“The economy faces headwinds from fiscal instability arising from huge debt overhang, runaway inflation, massive exchange rate depreciation, record-high subsidy costs, high interest rates, insecurity, and food crisis.
“As I speak now, Nigeria is not as united as she ought to be. There are still voices of anger and some are hiding inside and the economy is not at its best worldwide, particularly in Nigeria. This is very, very challenging.
“Now that we are going into electioneering period, it is difficult to get investors because of the uncertainty of the election arising from insecurity.
“Benchmark oil price of 70 US dollars per barrel; daily oil production benchmark of 1.69 million barrels; exchange rate of N435.57 per US Dollar; and GDP growth projected at 3.75 percent, and inflation is closing at 17.16 percent.”
Giving the breakdown of the budget, Okowa said that recurrent expenditure stood at N235.208bn, which represented 42 p[r cent of the total expenditure while capital expenditure of N326.612bn represented 58 per cent of the total expenditure budget and an increase of N82.878bn or 17 per cent growth from the 2022 Budget.
He said the 2023 budget would focus on the completion of projects started by his administration, and earmarked the total sum of N111.4bn to the Ministry of Works in the 2023 fiscal year. The sum of 17.7bn was earmarked for the Ministry of Higher Education in view of the three new established universities in the state.
Kaduna surpasses $500m investment target
Meanwhile, the Executive Secretary of Kaduna Investment Promotion Agency(KADIPA), Malam Khalil Nur Khalil, said despite the insecurity bedeviling the state, the agency surpassed its 2022 set target of $500 million worth of investments in the first quarter while the board increased the investment portfolio to $1 billion.
This was as Khalil said that the mission of the board and management was to make KADIPA a world-class investment promotion agency.
He said that KADIPA had joined the World Association of Investment Promotion Agencies(IPA) to see what other members were doing, explore capacity-building opportunities and networking opportunities in the World Investment Conference.
Khalil, who spoke at a press briefing to mark his one year in office in Kaduna, the state capital on Thursday, said that some of the initiatives of the board and management had been fruitful.
He said, “Investment figures for the 2nd Quarter 2022 tallied at $36 million worth of actualized investments in various sectors across the LGAs in the state.
“We recorded $112.7 million in announced pledges, bringing the 2nd quarter figures to a total of $148.7 million, thereby increasing the state’s total investment portfolio to $4.35 billion, representing a 3.6% growth for the quarter. The chief objective for all these is job creation.”
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