Benue State Governor, Samuel Ortom has presented the 2023 budget estimates of N179,750,090,123.40 to the State House of Assembly for consideration.
Governor Ortom presented the budget proposal on Tuesday, November 8th, 2022 at the Chambers of the Benue State House of Assembly in Makurdi.
The budget which was titled “Budget of Consolidation and Transition” projected that the Federation Account Allocation Committee (FAAC) Statutory Revenue will be N71,385,773,440.00 which represents 39.7% of aggregate revenue estimates; while N30bn, representing 16.7% is projected from aggregate revenue from independent sources.
According to Daily Post, the budget proposal also has a provision of N78,363,743,877.84 or 43.6% of the aggregate revenue from other sources including aid, grants and loans.
A breakdown of the budget estimates according to Governor Ortom shows that N106,191,893,868.58 representing 59.1% is proposed as total recurrent expenditure.
The recurrent expenditure is made up of the sum of N48,514,120,411.29 or 27% as personnel cost and the sum of N57.6bn representing 32.1% is for overhead cost while capital expenditure for the 2023 appropriation stands at N73.5bn or 40.9%.
According to Governor Ortom, “The recurrent expenditure estimates focus on our obligation to faithfully pay the salaries of our workers and meet our obligations under our new Pension Laws and to our retired workers.
“We have also provided essential overheads expenditure, with emphasis on items of that relevance to our quest to promote economic advancement, including recovery grants to poor households and to Small and Medium Enterprises to cushion the impact of COVID-19 under the auspices of the World Bank-assisted Nigeria CARES Programme,” he added.
