The six states in the south-south geopolitical zone will inject a total of N2.86 trillion into the region’s economy in 2023, data gathered from their 2023 appropriation acts have shown. The amount comprising N1.592 trillion as capital expenditure, representing 55.6%, and N1.27 trillion as recurrent expenditure which amounted to 44.4%.
Edo State is to sustain the success it recorded in recent times which has made it the toast of investors in the sub region. In this regard, the state government will be injecting N321 billion into the state economy in 2023, comprising N194 billion as capital expenditure or 60.4%, and N127 billion as recurrent expenditure, representing 39.6%.
Addressing the state when he signed the 2023 budget, Edo State Governor, Godwin Obaseki, said the state prioritized infrastructure so that people’s businesses could thrive, as well as education, skills development, among others, and that the bulk of the 2023 appropriation act would be funded through internal resources.
He said: “More of the resources we have earned has gone into serving the people of Edo state to build infrastructure, whether road or electricity, among others that the people need so that their businesses can thrive. We have also not neglected investments in education, skills development, job creation and health. These items cut up the bulk of what we earned and spent in the year 2022.”
“Bulk of these projects will be funded by internally generated revenue and because of the improvement in the economic environment, businesses are thriving, particularly in the areas of construction and real estate services. We expect that those businesses that are doing well will pay the taxes due to them. Government is doing its best to boost the economic environment so we expect that citizens must also contribute by paying their tax revenues.
Akwa Ibom plans to inject the total amount of N700 billion comprising N344 billion as capital expenditure and N356 billion for recurrent spending, representing a 49.,1% and 50.9% spilt between capital and recurrent expenditures.
While presenting the 2023 budget late last year, Governor Udom Emmanuel disclosed that the 2023 was targeted at improving the wellbeing of the citizens.
He said: “Under the empowerment scheme which is targeted at improving the wellbeing of the citizenry, a 12 months Social Transfer Scheme that would capture 1,950 beneficiaries, will see each beneficiary receiving ₦10,000 per month, while under the Labour-Intensive Public Workfare Scheme, an additional 1,560 indigenes are to be engaged to perform menial works with a monthly stipend of ₦10,000 each for a long period of time.”
Delta State Government plans to inject a total of N571.6 billion into the state economy through the 2023 appropriation act, comprising N336.1 billion as capital spending while N235.5 billion will be the recurrent spending amounting to 58.8% and 41.2% split between capital and recurrent expenditures.
Rivers State Government will inject N555.56 billion into the state economy via N350.98 billion as capital expenditure, and N204.58 billion as recurrent expenditure, representing 63.2% and 36.8% split between capital and recurrent expenditures.
The Bayelsa State economy will witness the injection of N385.09 billion through the capital spending of N167.55 billion and recurrent spending of N217.54 billion, representing 43.5% and 56.5% allocation along capital and recurrent spending.
Cross River State is to witness the injection of N330 billion into the state economy in 2023 split into 60.6% and 39.4% between capital and recurrent expenditures.