The 2023 budget estimates were presented to the state house of assembly by Kogi State Governor Yahaya Bello on Wednesday at the Speaker’s lodge in Lokoja.
The 2023 Budget of Transformation will be held, according to the governor, to confirm his accomplishments in his five thematic areas of education, healthcare service, security, youth and women empowerment, and agriculture.
The ‘Budget of Transformation’ budget estimate of N172,090,787,00 is N4,788,825,095,00 greater than the 2022 budget, reflecting an increase of 2.86% over the projected outlay of N167,301,962,197,0 authorized budget for the year 2022.
The 2023–2025 multi-year budget is built on zero-based budgeting principles and is geared toward the realization of the State development plan, according to Bello, who presented the budget, which he referred to as the “Peoples Budget,” to the members of the Kogi State House of Assembly.
The 2023 budget comprises N70,775,657,951 in capital expenditures, or 47.13% of the budget, and N101,315,129,341 in recurring expenditures, or 58.87% of the budget.
The administration’s portion of the budget, at N40 billion, accounts for 21.94% of the total; the economic portion, at N53 billion, accounts for 31%; the law and justice portion, at N7 billion, represents 4.14%; and the social portion, at N63 billion, accounts for 36.69% of the whole.
The budget’s expected revenue and expenses total N172 billion, giving it a balanced budget of N172, 090,787,292 for the fiscal year 2023.
