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Ebonyi State Governor, Engr David Umahi on Monday presented the 2023 Appropriation Bill of ₦139,398,280,640.00 to the State House of Assembly.
The budget, which is christened ‘Budget of Divine Mandate Consolidation and Continuity (C to C)‘, will be financed from the federal allocation and other revenue sources.
Umahi pointed out that his administration will implement about 41.67 percent of the budget before it’s expiration date.
‘This budget is a transition budget which means that it will be implemented by this administration and the next. The current administration would implement 41.67% while the next would implement 58.33%.
‘The budget estimate is a total of One Hundred and Thirty-Nine Billion, Three Hundred and Ninety-Eight Thousand Million, Two Hundred and Eighty Thousand, Six Hundred and Forty Naira, only (₦139,398,280,640.00)’, he said
Umahi noted that the budget consists of a Recurrent Expenditure of Fifty-Eight Billion, Three Hundred & Sixty-Seven Million, Seven Hundred Seventy-Four Thousand, Four Hundred and Sixty-Eight Naira (₦58,367,774,468.00) covering 41.87% of the total budget.
He said Eighty-One Billion, Thirty Million, Five Hundred Six Thousand, One Hundred and Seventy-Two Naira (₦81,030,506,172.00) covering 58.13% of the total budget estimate is earmarked for capital expenditure.
A breakdown shows that personnel cost is Twenty-Six Billion, Eight Hundred & Ninety-Four Million, Three Hundred & Eighty-Four Thousand, Four Hundred and Sixty-Eight Naira (₦26,894,384,468.00) covering 19.29% of the total budget.
Overhead cost will gulp Thirty-One Billion, Four Hundred & Seventy-Three Million, Three Hundred and Ninety Thousand Naira (₦31,473,390,000.00) covering 22.58% of the total budget.
According to the governor, the 2023 budget proposal is 4.13% less than the 2022 original budget of ₦145bn
He said the budget is aimed at addressing the challenges observed so far in the implementation of the 2022 original budget.
The governor explained that the decrease in the budget from the 2022 budget is because of some revenue items that will no longer be expected or will be at least minimal in the year 2023.
the State will service some loans it inherited in addition to commence servicing the ring road project loan his administration took.