Barr Sunday Nwankwo the Chairman of Ikwo Local Government area, Ebonyi state southeast Nigeria Wednesday presented the sum of three-point fifty-nine billion naira (3.59b) Budget proposal to Ikwo Legislative Council for the 2023 fiscal year.
The budget proposal took place at the Council headquarters. Onuebonyi Echara,
The budget tagged, “Budget of Legacy” the council chairman said is significant, because it was prepared only for the citizen’s needs as expressed in the Community Charter of Demand received from all political Wards in Ikwo.
According to him, in line with the policy directive of the State Ministry of Local Government and chieftaincy affairs, the 2023 Budget is targeted at; increased Internally Generated Revenue, Prudent Rationalization of Public Funds, optimal use of both human and material resources to achieve set goals.
He expressed satisfaction with the relationship existing between the Executive and Legislative Arms of the Council and said he would sustain his strategic investment in human capital and channel resources to deliver more infrastructure to keep the economy on the path of growth.
The estimated total revenue of three billion, fifty-nine million, five hundred and twelve thousand, three hundred and seventy-four naira, ninety-two Kobo, representing a 14.94 percent increase from the estimated 2022 total revenue is projected to be realized from the Independent revenue which stood at over fifty-four million naira and share of FAAC Allocation, amounting to three billion, five million, one hundred and eighty thousand, one hundred and forty-three naira, representing 98.22 of the total revenue.
A breakdown of recurrent expenditure which stood at one billion, six hundred and forty-two million, sixty-nine thousand, fifty-six naira, ninety-eight Kobo shows that personnel cost will gulp over one point one nine billion naira, representing 39.13 percent of the total budget while overhead and other recurrent costs will take four hundred and forty-four million, eight hundred and fifty-one thousand, nine hundred and forty-five naira, forty-six Kobo, representing 14.54 percent of the total budget.
The Leader of Ikwo Legislative Council, Mr Stephen Nwukwu
commended the transformation experienced by the Nwankwo administration that had impacted positively on the socio-economic and political lives of people of the area, assuring that the budget would be given accelerated consideration.
The 2023 appropriation bill, however, passed the first, second, and third reading on the floor of the House as well as a bill for the establishment of the Ikwo Local Government Empowerment Scheme was also passed into law the same day.
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