The Chairman of Abuja Municipal Area Council, AMAC, Christopher Maikalangu, has presented a budget proposal of N12,393,587,671 billion for the 2023 fiscal year.
Maikalangu while presenting the budget to the council’s legislative chambers on Friday in Abuja, said this year’s budget represents a nominal increase of 1.88 per cent above the previous estimates.
He said the budget tagged, “the people’s budget” is meant to uplift the living standards of the common man.
According to him, the budget estimate was expected to be funded from Net statutory allocation of N6,993,587,671,10 per cent FCT IGR, N1,500,000,000, AMAC IGR, N3,000,000,000, DOAS, N 500,000,000 TERM LOAN, N400,000,000 respectively.
He added that the proposed N12,393,587,671 billion was apportioned according to the budget formula with recurrent expenditure gulping, N4,685,848,878.00 representing 37.81 percent and Capital Expenditure N7,707,738,792.00 representing 62.19 per cent.
Maikalangu, who gave the breakdown, said, 37.81 percent recurrent expenditure for personnel cost, N2,861,390,487.00 representing 61.07 per cent and overhead cost N1,819,458,391.00 representing 38.63 per cent, totaling N4,685,848,878.00.
He noted that the 62.19 per cent capital expenditure N3,333,878,614.00 represents 43.25 per cent for ongoing projects, N3,878,860,178.00, represents 50.33 per cent for new projects N495,000,000.006 represents 42 per cent for debt servicing, totaling N7,707,738,792.00
He said the personnel cost estimate will increase to 3.71 per cent in 2023, adding that the increase is a result of expected staff promotion and proposed minimum wage increase as well as areas.
“I envisage that the budget shall in no distant time, produce a long-lasting document that will match the yearnings of the electorate even as we remain committed to using the budget estimates in positively responding to their craving for good governance and quality representation,” he said.