FG and 35 states, including the Federal Capital Territory, Abuja, have budgeted the sum of N19.16 trillion for the payment of salaries, pensions, and other expenses in 2023.
They have also budgeted N11.435 trillion for capital projects.
The recurrent expenditure could be higher because most of the budget proposals have not been passed into law by the various legislatures.
The Federal Government’s 2023 budget of N20.51 trillion is before the National Assembly with the allocation of N6.31 trillion or 30.8 percent of its total expenditure on debt service in 2023.
The budget is 71.2 percent higher than the 2022 estimate as it includes an interest payment of N1.2 trillion for Ways and Means Recurrent (non-debt) spending estimated to amount to N8.47 trillion, inclusive of the N200 billion social investment programme.
Cumulative capital expenditure of N5.34 trillion is 26 percent of total expenditure and 8.8 percent lower than the 2022 Budget, inclusive of capital component of statutory transfers, GOEs capital, and project-tied loan expenditures.
Among the states, Lagos has the highest budget with N1.768 trillion that has been passed into law, made up of N1.020 trillion in capital expenditure and N748.097 billion in recurrent expenditure.
The Akwa Ibom government follows with N700 billion, which was signed into law by the State House of Assembly yesterday; recurrent expenditure is 344 billion, and capital expenditure is 355 billion.
