Bayelsa State Governor, Senator Douye Diri on Monday presented N385.2 billion appropriation bill christend “Budget of Sustainable Growth and Reconstruction” to the Bayelsa State House of Assembly for approval for the 2023 fiscal year.
According to the budget estimates, N167.5bn is earmarked for capital expenditure, N63.3bn for personnel cost, N14.7bn for pensions and gratuity, N95.4bn for overhead cost, N33.7bn for public debt servicing, N4.7bn for contributory pensions and N5.6bn for reserves.
The governor pointed out that the budget will be funded from the Federation Allocation Accounts Committee, FAAC, 13Percent Derivation, Internally Generated Revenue, IGR, Grants and Loans.
A breakdown of the expected budget funding revenue shows that FAAC will account for N153bn representing 40percent of the expected revenue,13percent Derivation N948bn representing 39percent, IGR 20bn representing 5percent, Grants N16.7bn, representing 4percent, and loans N47bn, representing 2percent.
His words: “In view of the enormous impact of the flood, we have also set up a post flood management committee headed by the deputy governor for our recovery plan for including but not limited to the reconstructing of damaged infrastructure, food security, and other humanitarian challenges. This is urgently required to enable our people return to normal life.
“In this budget, provisions will be made for post flood management, furthermore, while we continue to engage with the federal government for their intervention, I will establish a special directorate for the management of flood and erosion control, to provide technical guide to flooding, erosion, sustainable development relating to environment and other environmental challenges in our state.
“This 2023 Appropriation bill takes into consideration citizens and stakeholders inputs which culminated into the public interactive session held in September, to ensure that Bayelsans have the opportunity to contribute their ideas to crafting our shared prosperity, consequently, this proposal is christened the Budget of Sustainable Growth and Reconstruction 2023.
“As at September 30, our income and expenditure performance is put at 70.7 percent for nine months, we have prudently implemented the 2022 Budget of Sustainable Growth and made not worthy headway in executing several capital intensive project for the benefit of our people and to the glory of God.
“The popular expression is those who fails to plan, plans to fail, that is why we carefully presents the 2023 Budget of Growth for Reconstruction for your judicious and expeditious consideration. Secondly, we will continue to build new physical infrastructure and restore those that have been damaged by the flood for the benefit of our people, and thirdly we will continue to improve our civil service in order to enhance their professionalism.
“For the actualization of these objectives we are proposing a budget estimates of N385, 211, 578, 924 only.”
According to the sectoral breakdown of the estimates, the Ministry of Works and Infrastructure is allocated N77.9bn, Education N40.4bn, Agriculture N14.1bn, Environment N13.8bn, Health N12.5bn, Lands and Housing N7.2bn, while the Ministry of Information was allocated N6.3bn.
Others include Ministry of Local Government and Community Development N5.7bn, Transport N5.3bn, Youth and Sports N4.6bn, Trade and Investment N2.8bn, while the Ministry of Power got N2.5bn.
In his remarks, the Speaker of the Bayelsa State House of Assembly, Abraham Ingobere, said the budget was significant as it was the last budget for the first time tenure of the Diri led administration and the Sixth Assembly, adding that the House will priotize and passed it into law before the end of the year.