2023 budget: Gov el-Rufai presents N370bn proposal to Assembly

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Governor Nasir el-Rufai of Kaduna State has presented N370 billion 2023 budget proposal to state House of Assembly for approval.

The 2023 Appropriation Bill has a total size of N370.33bilion, a 21.82 percent increase from the 2022 revised appropriation of N303.99bilion.

Giving a breakdown of the budget proposal,  the governor said that ”the sum of N242.21bilion is proposed as capital expenditure, and N127.7bilion as recurrent expenses in the 2023 estimates. The capital to recurrent ratio of 65.5 percent to 34.48 percent reflects our consistent commitment to investment over consumption.

He said the 2023 estimates maintain  focus on human capital development, noting  that ”our proposal allocates 45.34 percent of the budget to Education and Health.

According to him, “the allocations of 29 percent to the Education sector and 16.05 percent to Health leave no doubt about our abiding commitment to human capital development. The 2023 budget estimates make provisions for continued pro-poor interventions in nutrition, health care, skills acquisition and empowerment funds for women, youths, and vulnerable groups.

”Along with provisions for the Social Investment Programme, these pro-poor interventions are costed at N11.32bilion, representing about 3 percent of the proposed budget size.”

The governor noted that the proposed budget estimates assume that crude oil prices will stabilise around USD70 per barrel and that the official exchange rate will be around N435.57 to the dollar.

According to him, ”uncertainties persist in the global economy. Promising signs of a sustained recovery from COVID-19 have been replaced by fears of inflation and recession in the major economies. This economic climate may affect demand for Nigeria’s main export, petroleum, with consequences for the exchange rate, prices and general economic performance.

 ”We have implemented empowerment policies, respecting people our enough to free them from dependence on those who insert themselves between the treasury and the people.

”We have diligently sought to promote equal opportunity, improve human capital development, build infrastructure, attract new businesses, support existing ones and run a system that promotes the ease of doing business.”

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