The Kaduna State Government revealed its proposals for a N233 billion budget for 2022, targeting Value Added Taxes of N24.9 billion and an internally generated revenue of N67.26 billion.
This was disclosed by Governor, Nasir El-Rufai of Kaduna State while presenting the 2022 draft budget to the State House of Assembly on Tuesday.
The Governor added that the budget will have a capital expenditure of N146 billion and recurrent spending of N87.6 billion.
What Governor El-Rufai said
El-Rufai stated that the Kaduna state government “expected N54.19 billion from the Federation Account and N500 million for COVID-19 response” with a capital to recurrent ratio of 63-37 percent.
He added that the state will borrow “N19.8 billion from local and external sources, raise N34.08 billion from grants and N500 million from sale of government assets. He stated also that agriculture was allocated N1.79 billion; Business, Innovation and Technology, N3.72 billion; Housing and Urban Development, N9.34 billion; Public Works and Infrastructure, N36.97 billion.
Education received the highest allocation at N44.68 billion; Health, N22.76 billion and Social Development, N690.52 million.
Elrufai revealed that the Kaduna state government proposed N2.98 billion to Environment and Natural Resources; N4.99 billion for Water, and N18.13 billion for General Administration.
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In case you missed it
President Buhari earlier presented a budget of N16.39 trillion for the 2022 fiscal year titled Budget of Economic Growth and Sustainability to the National Assembly.
The parameters and fiscal assumptions underpinning the 2022 appropriation are as follows:
- Benchmark oil price of $57 per barrel.
- Daily oil production estimate of 1.88 million barrels (including Condensate of 300,000 to 400,000 barrels per day).
- Exchange rate of N410.5 per US Dollar.
- GDP growth projected at 4.2%
- Inflation closing at 13%.
A total expenditure of N16.39 trillion was proposed for the 2022 fiscal year. The breakdown is given below.
- Statutory transfers of N768.28 billion
- Non-debt Recurrent Costs of N6.8 trillion
- Overheads of N792.79 billion
- Capital expenditure N5.35 trillion
- Debt service of N3.61 trillion
- Sinking Fund of N290.71 billion to retire certain maturing bonds