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The Federal Ministry of Agriculture and Rural Development has voted the sum of N250 million for the “construction of open market stores with boreholes, toilet facilities and erosion control in Jattu, Edo State.”
This was disclosed in the 2023 appropriation bill which was presented by the President, Major General Muhammadu Buhari(retd.) to the National Assembly in Abuja on Friday.
According to the figure which was obtained from the budget, the project was described as a new project.
The PUNCH reports that Buhari explained that the government would spend N20.15tn for the 2023 fiscal year.
Buhari proposed N20.51 trillion for the year with an oil benchmark fixed at $70 per barrel.
The lawmakers had fixed it at $73 per barrel in the Medium Term Expenditure Framework, which they passed this week.
Other parameters include; daily oil production estimate of 1.69 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day); exchange rate of 435.57 Naira per US Dollar; projected GDP growth rate of 3.75 percent and 17.16 percent inflation rate.
The planned expenditure is as follow; Statutory Transfers of N744.11 billion; Non-debt Recurrent Costs of N8.27 trillion; Personnel Costs of N4.99 trillion; Pensions, Gratuities and Retirees’ Benefits of N854.8 billion and Overheads of N1.11 trillion.
Others are; Capital Expenditure of N5.35 trillion, including the capital component of Statutory Transfers; Debt Service of N6.31 trillion; and Sinking Fund of N247.73 billion to retire certain maturing bonds.
Buhari said the budget was “prepared amidst a very challenging world economy that is weakened by the lingering effects of the COVID-19 pandemic, high inflation, high crude oil prices resulting in huge cost of PMS Subsidy and negative spillover effects of the Russia-Ukraine war.”
