We are already in the second quarter of the year, and all the states of the federation have prepared their appropriations for 2018 and forwarded to their respective Houses of Assembly for passage and subsequent signing into law.
Below are the Top 7 state budgets for 2018 by size:
#1 Cross River State – N1.3 trillion
The state released an ambitious budget of N1.3 trillion tagged ‘Budget of Kinetic Crystallization’. The budget has a provision of 70% capital expenditure, and 30% recurrent expenditure
The state budgets N4.4billion for its annual carnival. Agriculture received the sum of N10.9billion.’
#2 Lagos State- N1.04 trillion
Lagos State followed closely surpassing the trillion naira threshold with a budget of N1.04 trillion and a budget themed: ‘Budget of Progress and Development’. The state’s capital expenditure is 63 per cent while the recurrent expenditure is 37 percent.
#3 Akwa-Ibom – N646.65 billion
According to the draft budget, N43.1 billion is being allotted to capital expenditure and N94.6 billion to recurrent expenditure.
#4 Rivers State – N510bn
The Rivers State 2018 budget is christened “Budget of Consolidation, Advancement and Empowerment”,
The capital to recurrent expenditure ratio is 75 to 25 percent respectively.
#5 Ogun State – N343.9bn
This year’s Ogun State budget themed: “Budget of Accelerated Development’’, aims to improve education for its youth population, keep its people in good health, utilize its abundant agricultural resources to feed its people and propel industrialization, enhance environmental quality, renew its urban centers through massive infrastructural investments and ensure security of livelihoods and property, amongst our other goals.
The state government has earmarked N223.72 billion for capital expenditure, representing 64.77 per cent and recurrent expenditure of N121.69 billion.
#6 Delta State – N308.8bn
Besides the early presentation and passage of the state budget by the state executive and the legislative arms, the state legislature raised the executive’s budget proposal by 10 billion naira from N298 billion to N308.8 billion, and this has since been signed into law by the state government.
The state has earmarked N147.5 billion for recurrent expenditure which is 49.48% of the budget and N150.5 billion or 50.52% for capital expenditure. The budget is themed: “Budget of Hope and Consolidation”.
#7 Bayelsa State – N295bn
The 2018 Appropriation Bill which is christened: “Finishing Strong on Development, Stability and Prosperity, Volume One” has a capital expenditure allocation of N146.9 billion.
A breakdown of the Bayelsa budget showed that revenue is expected from statutory allocations -N200bn; Value Added Tax (VAT) – N8.5bn; Internally-Generated Revenue N24bn and other capital receipts of N62.7bn.
The state’s Ministry of Works and Infrastructure got the largest share of N36bn, next are the ministries of Education – N22bn; Budget and Economic Planning – N13bn; Housing – N10bn and Health – N8.5bn.