Governor Abdullahi Sule of Nasarawa State has presented the 2023 budget of the sum total revenue of 149,958,525.05 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 Sustaining and Improving on general security and good governance.
Sule said Completion of on-going projects Commitment to workers’ welfare through implementation of promotions up to date, as well as issuing some of the State’s Housing Units to State workers on owner-occupier basis.
Creation of employment opportunities for women and youth in the State, while also Providing inputs and Supporting Agriculture as a way of boosting production, developing value chain and strengthening commercial ventures for a stable economy.
“Development of infrastructure through Public Private Partnership (PPP) as well as 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 34.28% increase against the 2022 budget.
“This rise in the budget is basically 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. Secondly, the expansion is to enable Government 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 in a total of N90,566,516,459.56 representing 60.80% of the total budget is earmarked for Recurrent Expenditure.
adding that it consists of Personnel Cost of N47.65 billion which is made up of Salaries, Consolidated fund, Pension, Gratuities and death benefits. Other 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 of N148,958,122,525.05 for the 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 in accordance with the rule of engagement.
” I urge you to play politics without bitterness and to carry out campaigns in a manner that will enhance 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.”
