As an increasing number of states gear to ramp up their internally generated revenues this year, 10 plan to fund their budgets with N1.08 trillion as not less than N3.98 trillion is expected to be expended on capital projects by states in the country this year. Twenty states across the federation plan a N6.56 trillion spending for 2022, according to the various proposed and approved budgets tabulated by NATIONAL ECONOMY. That vitiates the myth that the entire country’s budget is N17.127 trillion.
Borno State projects that it will be able to raise N55.24 billion from IGR and Value Added Tax in 2022, while Oyo state has put its expected revenue through IGR and VAT at N79.79 billion. Kaduna is expecting to rake in N91.9 billion through IGR, Plateau state is hoping to raise N24.1 billion.
Kogi and Niger states are also expecting to rake in N96.79 billion and N92 billion respectively, while Bauchi and Anambra states are looking to raise N66.94 billion and N79.24 billion in IGR in 2022. Meanwhile, Kogi State hopes to fund its 2022 budget with recurrent and capital receipt of N161.49 billion, just as Kano and Edo states project recurrent and capital receipts of N146.84 billion and N186 billion respectively.
The states include Ogun, Osun, Edo, Delta, Sokoto, Anambra, Enugu, Borno, Akwa-Ibom, Cross River, Gombe, Kano, Kaduna, Lagos, Oyo, Plateau, Bauchi, Niger, Kogi and Imo states. Of the total figure of N6.56 trillion, Lagos state has the biggest spending plan accounting for 26 per cent of the spending plan of the 20 states.
Lagos State budget for 2022 stands at N1.7 trillion, with capital spending taking the big chunk of the planned spending. The state plans to spend N1.166 trillion on capital projects this year with only N591 billion going into recurrent expenditure.
Its recurrent expenditure is however higher than the total spending plan of Akwa-Ibom, which has the second biggest budget. Akwa-Ibom plans a spending of N586.88 billion during the year with capital expenditure gulping N324.91 billion. Its recurrent expenditure is expected to gulp N261.96 billion.
Imo State is also planning to spend N381 billion in 2022, making it the third biggest state budget with N284 billion set aside capital for projects while N96 billion is expected to be spent on recurrent expenditure.
Although the governor of Cross River State had earlier proposed a spending plan of N276 billion, the state’s assembly had increased the budget to N354.8 billion making it the fourth biggest budget out of the 20 states.
The state is planning to spend N225.75 billion on capital projects during the year and N128.75 billion on recurrent spending. Lawmakers in the state had noted that they increased the spending plan of the state having put into consideration that the N276 billion earlier proposed would not be sufficient to meet the states debt obligations.
Meanwhile, Ogun State is planning to spend N350.74 billion this year with N170 billion planned for capital projects and N154 expected to be expended on recurrent obligations. It was followed by Oyo state, which has a budget of N294.7 billion of which it plans to spend N139.5 billion on capital projects while N155.2 billion is scheduled for recurrent expenditures.
Kaduna state had budgeted N278.58 billion spending for 2022, having earmarked N184.53 billion for capital spending and N94.05 billion on recurrent expenditure.
Borno State has a N267.9 billion budget of which N172.5 is expected to be expended on capital projects and N95.4 billion to be spent on recurrent expenditure for the year, while Edo state is planning to spend N214 billion during the year with N118 billion and N95.9 billion earmarked for capital and recurrent expenditure. Niger state will be spending N131 billion of the N211 billion budgeted for the year on capital projects while N80 billion will go to recurrent expenditure.
Kano State is also looking at spending N196 billion this year with N107.88 billion earmarked for capital projects while N88.47 billion is to be spent on recurrent expenditure, while Bauchi state is looking to spend N110.62 billion of the N195.35 billion budget on capital projects while N84.37 billion is being set aside for recurrent expenditure.
Sokoto State had budgeted to spend N188.4 billion in 2022 of which N112.55 billion is being set aside for capital spending and N75.87 billion for recurrent expenditure, while Enugu is looking to spend N186.6 billion during the year. Of this figure, the state plans to spend N115 billion on capital projects while N71 billion goes into recurrent spending.
Similarly, Gombe State had budgeted N154.94 billion of which N83.49 billion is going into capital spending and N71.47 billion into recurrent expenditure. Kogi state is also planning to spend N145.89 billion in the course of the year with the largest chunk of the state’s spending plan going to recurrent expenses. While spending on capital projects in the state is put at N55.74 billion, recurrent expenditure is expected to gulp N90.15 billion.