The Governor of Ebonyi State, Dave Umahi, yesterday presented a budget estimate of N145, 410 billion for the 2022 fiscal year to the state House of Assembly. According to him, the appropriation bill, tagged: “Budget of Latter Rain,” covers the Capital and Recurrent Expenditure for the financial year ending 2022.
He explained that the budget contains a comprehensive financial plan that would optimise the emerging opportunities created by his administration, which he said would reveal the hidden treasures in the state’s economic investment. He noted that the bud-get represents an increase of 46.65 per cent over the revised approved budget of N99.157 billion.
Umahi noted that the 46.65 per cent increase of the 2022 budget over the 2021 Revised Budget was as a result of carryover of a large part of the expected receipt in 2021 fiscal to the next fiscal year. The governor added that the state expects about N4.315 billion from the Tertiary Education Trust Fund (TETFund) for the tertiary institutions in the state, adding that the State Universal Basic Education Board (SUBEB) has a growth of over N1.200 billion. Other funds expected by the state government, according to the governor, include SFTAS which stands at N16.727 billion; World Bank COVID-19 grants of N1 billion; Federal Government bridging finance of N18.225 billion given to the 36 states of the federation and the Domestic Loan of N7 billion to fund the 2022 budget deficit. He stated that the proposed Capital Expenditure stands at N89.763 billion, representing 61.73 per cent of the total budget, while the Recurrent Expenditure of N55.646 billion also represents 38.27 per cent of the budget.