The Enugu State Governor, Ifeanyi Ugwuanyi on Thursday presented the year 2023 budget estimate to the State House of Assembly.
The 2023 budget size estimated at One Hundred and Sixty-Six Billion, Six Hundred and Two Million, Four Hundred and Sixteen Thousand, Seven hundred and Seventy Naira (NGN166,602,416,770.00) is tagged ‘Budget of Consolidation and Transition’.
“We intend to conclude all ongoing projects as much as possible, consolidate our achievements in the past seven and half years, and transit the state into the capable hands of the inbound administration,” the Governor said.
“The estimated budget size of N166,602,416,770.00 is 10.73 percent lower than the 2022 budget because the target in 2023 is to conclude all ongoing projects and consolidate on our achievements in the past seven and half years.”
Out of the total budget size, the sum of N81,903,799,370.00 representing 49% is for recurrent expenditure while N84,698,617,400.00 representing 51% is for capital expenditure.
“The 2023 budget is guided by the Medium-Term Expenditure Framework (MTEF) 2023-2025 and Fiscal Strategy Paper (FSP) and anchored on the National Macroeconomic assumptions, namely; National Inflation Rate of 17.16 percent, National Real GDP Growth of 3.75 percent, Oil Production Benchmark of 1.69 million barrels per day, Oil Price Benchmark of $70 per barrel, and Exchange Rate of N435.57 per US Dollar,”
Speaking after the Governor’s presentation of the budget, Edward Ubosi Speaker of the Enugu State House of Assembly commending Governor Ugwuanyi for holding fort the state for the past seven years and seven months assures that the lawmakers will ensure expeditious passage of the 2023 budget to ensure the actualization of this administration’s lofty projects and policies for the people of the state.
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