The Federal and 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.
Penultimate week, 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.