The proposed budget is a 1.08 percent increase of the Y2012 revised budget of N495billion and comprises N228.913 billion recurrent expenditure and N268.364 billion capital expenditure. The capital to recurrent ratio of the budget is 54:46 as against the 53:47 in 2012.
The deficit financing requirement proposed in the budget is N40.537bn which is 0.3% of the State’s Gross Domestic Product (GDP) compared to 1.19% in Y2012. Capital Receipts for the Year 2013 Budget is put at N22.912bn and is made up of: Grants, N3.000bn; Investment Income, N0.332bn and Other Capital Receipts, N19.580bn.
The capital expenditure of N268.364bn consists of: Core Capital, N237.209bn; Capital Development (Dedicated), N19.580bn; Grants, N3.000bn; Counterpart Funding, N2.500bn, Special Expenditure 5.000bn, Risk Retention Fund, N0.075bn and Contingency Reserve of N1.000bn.
The sectoral allocation of the Budget in size and percentage are: General Public Service, N114.076bn (22.94%); Public Order and Safety, N18.799bn (3.78%); Economic Affairs, N156.273bn (31.43%); Environmental Protection, N44.131 (8.87%); Housing and Community Amenities, N46.149bn (9.28%); Health, N42.498bn (8.55%); Recreation, Culture and Religion, N5.749bn (1.16%); Education,N64.343bn (12.94%), Social Protection, N3.259bn (0.66%) and Contingency, N2.000bn(0.44%) Presenting the budget at the Hallow Chambers of the new House of Assembly Complex, Governor Fashola He stressed that all hands must be on deck to ensure that the proposed bill when approve is implemented to impact meaningfully in the lives of citizens.
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