Governor of Borno state, Babagana Zulum has today presented over N234,831,950,000.00 as an estimated proposed spending for the year 2023.
The budget will be his last for the first four years tenure he was elected to serve as governor of Borno state.
The estimated budget, when passed and signed into law, will serve the remaining five months of the Zulums and the first seven months of a new administration.
Zulum hopes to be reelected and as such has announced series of ambitious projects aimed at remodeling the state and bringing more development to his people.
The governor said when the proposed N234.8 billion Borno state budget for 2023 is passed, he would under take 20 critical projects that are will turn around the lives of the people.
He said the proposed budget has N144,175,033,000.00 for capital expenditure and N90,656,917,000.00 for recurrent expenditure which is to be financed from Recurrent Revenue of N137,846,861,000.00 which will comprise FAAC Revenue of N67,981,950,000
Internally Generated Revenue of N33,171,306,000.00 Value Added Tax of N30,193,605,000.00 and other Federation Account sources of N6,500,000,000.00.
Mr Zulum further said that the Budget will also be financed by Capital Receipts of N95,685,089,000.00 comprising loans and Grants.
The proposed budget is for now N33 billion lesser that the current 2022 budget which was passed at a total sum of N267,921,484,000.00. But it is expected that the Assembly will,
as usual, effect some increment to the total budget size before final passage.
tails of what the governor intends to do with the new budget will be