The Kogi State Governor, Yahaya Bello, has presented a total of N172,090,787,292 to the state assembly for consideration as capital and recurrent expenditure for 2023 fiscal year.
The amount is made up of total estimated recurrent revenue of N111,248,278,186 consisting of N24,826,741,265 from internal sources, N52,000,000,000 as statutory allocation from the federation account, N2,000,000,000 from Kogi State Mineral Fund (13% Derivation), N25,100,000,000 from Value Added Tax.
It also includes N100,000,000 from excess crude, 790,000,000 from budget augmentation, N1,000,000,000 from exchange differentials, N3,000,000,000 said refund from Federal Government is expected to stand at 81,000,000,000 from non-oil revenue.
Also, N200,000,000 is expected from forex equalisation, N231,536,921 from recovery excess bank charges, N500,000,000 from solid minerals and N500,000,000 from ecological fund.
He said that transfer payments, grants and contribution stand at N2,632,926,227 putting the total recurrent expenditure for 2023 at N101,315,129,341.
According to him,”based on the above, we have a total estimated transfer surplus of N9,933,148,845 as part of Capital Development Fund.”
He said that the estimated capital receipt is N60,842,509,106 comprising internal and external loans, aids and grants.
“However, if the transfer Surplus of N9,933,148,845 is added to this amount, we shall have 70,775,657,951 as available fund for capital development projects. That the total estimated capital expenditure, therefore, stands at N70,775,657,951,” Bello noted.
“The total estimated revenue (i.e. recurrent revenue and capital receipts) stands at N172,090,787,292 for the year 2023 and the total estimated expenditure i.e. recurrent and capital stands at N172,090,787,292 for the year 2023, making the 2023 draft budget a balanced budget.” He added
Earlier, Bello had outlined some of the problems which had adversely affected the economic outlook thereby reducing the growth rate as predicted by the World Bank.
