2023:FG Budget Funds On Salaries, Pensions.

The Federal and 35 of the 36 state governments, including the Federal Capital Territory, Abuja, are to spend the sum of N19.16 trillion on payment of salaries, pensions, emoluments and others in 2023.

They have also budgeted a miserly N11.435 trillion for capital projects.

The recurrent expenditure could be more because most of the budget proposals have not been passed into law by the various legislatures. So far, Imo is the only state that is yet to officially announce its 2023 budget, though the State Executive Council, SEC, had approved the sum of N474 billion.

Governor Hope Uzodimma of Imo State, is yet to present the budget to the state House of Assembly, hence the breakdown of the approval was not available.

With Imo Exco’s approval of N474 billion and tentative estimation of N700 billion for the FCT, the Federal Government, and the 36 states are budgeting N32.162 trillion for 2023. The figure is higher than the N30.473 trillion in the two tiers of government spending in 2022.

The National Assembly approved the sum of N607.952 for the Federal Capital Territory, FCT 2022 budget. That of 2023 is in the works but cumulatively, the sum of N1.3 trillion is being planned as 2022 and 2023 budgets for the FCT.

The Federal Government’s N20.51 trillion 2023 budget is before the National Assembly. Last year, the Federal Government budgeted N19.676 trillion for 2022.  Of the 2023 N20.51 trillion budget, only N5.35 trillion or 26 per cent has been allocated to capital projects.

The Federal Government will be spending N6.31 trillion or 30.8 per cent of its total expenditure on debt service in 2023. This is 71.2 per cent higher than the 2022 estimate as it includes interest payment of N1.2 trillion for Ways and Means Recurrent (non-debt) spending, estimated to amount to N8.47 trillion, inclusive of the N200 billion social investment programme.

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