2023 Budget: AMAC Chairman Presents N12bn.
By: Wisdom Acka & Damilola Adeleke
The Chairman, Abuja Municipal Area Council (AMAC), Christopher Zakka Maikalangu, has presented over N12 billion budget estimates for the Council for 2023 fiscal year.
Maikalangu presented the yearly spending estimates of Twelve Billion, Three Hundred and Ninety-three Million, Five Hundred and Eighty-seven Thousand, Six Hundred and Seventy-one Naira (N12, 393,587,671) to the Council’s Legislative arm on Friday.
According to him, this year’s projections, which represent a nominal increase of 1.88 percent from the previous year is tagged “the people’s budget” because it is a “reflection of the true picture of the general anticipations and perceptions of the people”.
The AMAC boss revealed that the budget was estimated under the following assumptions: N6,993,587,671 net statutory allocation; and 10 percent Internally Generated Revenue from FCTA, translating to N1,500,000,000.
Others are, N3,000,000,000 from AMAC Internally Generated Revenue; N500,000,000 from the FCTA department of Out Door Advertisement and Signage (DOAS) and term loan of N400,000,000, amounting to N12,393,587,671.
He stressed that the budget’s capital expenditure put at 62.19 percent or N7,707,738,792.00, is given priority over 37.81 percent recurrent expenditure (N4,685,848,878.00) so as to meet the yearnings of the electorate in infrastructural development and provision of service.
In a further breakdown of the capital expenditure, Maikalangu disclosed that, while 43.25 percent (N3,333,878,614.00) was earmarked for on-going projects, 50.33 percent, representing N3,878,860,178.00 was budgeted for new projects and the balance of 6.42 percent (N495,000,000.00) reserved for debt servicing.
On the other hand, the AMAC Chairman explained that the recurrent expenditure estimates has 61.07 percent (N2,861,390,487.00) for personnel cost; and 38.63 percent (N1,819,458,391.00) for verhead cost.
Maikalangu, therefore, called on members of the Legislative arm to “handle the budget with the passion and patriotism it deserves”; appealing, “I expect you to further give it speedy endorsement and backing”.