Governor Ifeanyi Okowa on Thursday presented before the Delta State House of Assembly the Appropriation bill of five hundred and sixty one point eight two zero billion naira of the state government for the 2023 fiscal year.
The budget made up of two hundred and thirty five point two billion naira, representing forty two percent of the total budget estimate for recurrent expenditure, and three hundred and twenty six point six billion naira, representing forty eight percent for capital expenditure, was Christened “Budget of Seamless and Stable Transition”.
Governor Ifeanyi Okowa in his presentation which lasted over an hour, said the budget would be funded through federal allocation, internally generated revenue, and receipt from other sources.
Dr Okowa stated that it is government expectation that all spending proposals for the 2023 budget must be guided by principles of fiscal discipline, transparency, accountability, and prudent utilization of scarce resources.
He noted that the 2023 budget is targeted at strengthening the achievements made by his administration since 2015, noting that it intend to maintain a policy thrust of prudent management of resources, budget discipline, observance of due process, as well as ensuring good value for money, completion of ongoing projects and provision of basic infrastructure.
Others according to the Governor, include general increase in agricultural production, improving the livelihood of those in the lower rung of the economic ladder and enhancement of Internally Generated Revenue.
The Governor disclosed that in preparing the budget, macro-economic framework for the 2023 – 2025 Medium Term Expenditure Framework and the Fiscal Strategy Paper as well as the National Inflation consumer prices, the real GDP growth, derived from the National Bureau of Statistics and the Federal Government’s assumptions for the preparation of the 2023 Budget were considered.
The Governor listed a Benchmark oil price of 70 US Dollars per barrel; Daily oil production benchmark of 1.69 million barrels, Exchange rate of N435.57 per US Dollar; and GDP growth projected at 3.75 percent and inflation closing at 17.16 percent, were assumptions in arriving at the budget estimate.
He said his administration have therefore painstakingly prepared an equitable, realistic, and implementable budget estimates in the context of multi-year 2021-2023 Medium Term Expenditure Framework that will be in line with the current economic realities.
The Governor also disclosed that the Recurrent Expenditure of 235.2 billion naira showed an increase of 25% from the 2022 Budget of 188.2 billion naira.
While the capital expenditure of 326.6 billion naira raised the 2022 budget estimate above that of 2023 by 17 percent.
Welcoming the Governor to the hallowed chamber for the budget presentation, the Speaker, Sheriff Oborevwori, commended the Governor for the giant strides recorded by his administration in infrastructural and human capital development in the last seven and half years.
Oborevwori stated that Dr Okowa’s model entrepreneurship development programmes have rescued many youths and women from unemployment and underemployment.
