Monday, November 28, 2022

2023 Budget: FG Offers N93.66 Billion for Transportation

As part of its N20.51 trillion budget, the Federal Government (FG), has proposed allocating N93.66 billion to the Ministry of Transportation’s operations for the 2023 fiscal year.

According to a breakdown of the Ministry’s budget, out of the N93,661,778,746 billion total allotted to it, capital projects would use N92.25 billion; overhead costs would receive a proposal of N382.18 million; and the amount of N1 billion was set aside for human costs.

A closer look at the budget reveals that out of the N85.22 billion allocated for construction and provision, N1.14 billion was set aside for road rehabilitation and repairs, while the remaining N84 million was allocated for both construction and provision as well as waterway rehabilitation and repairs.

The ministry will spend the majority of its capital budget on ongoing projects, some of which include the Anti-Corruption and Transparency Unit’s (ACTU) work to establish transparency, compliance, and ethics within the ministry and its agencies, achieve zero tolerance for corruption in the workplace, create a code of conduct, and monitor projects, for which it is requesting N30 million.

The federal government proposed N30,759,220,905 billion for a number of projects, including the completion of the Abuja-Kaduna rail line, the completion of the Lagos-Ibadan rail line and related additional works, the rehabilitation of the Itakpe-Ajaokuta rail line, the construction of 12 NOS stations, and the laying of tracks at the Agbor area of the railway ancillary facilities.

N18 million was provided for the building of identification and the installation of 30 km/h speed reduction on road signage in high risk zones (quarterly), while N10 billion was appropriated for railroad upgrading.

Additionally, N1.21 billion was set aside for the construction of ministry office space.
However, the ministry also reported a revenue surplus (deficit) of -N93,661,778,746 billion.

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