Delta State Governor, Sheriff Oborevwori on Wednesday presented a budget of N714.4 billion for 2024 to the State House of Assembly for approval.
Presenting the budget tagged ”Budget of Hope and Optimism”, Oborevwori said it was made up of N316.6 billion recurrent expenditure and N397.9 billion capital expenditure.
” I wish to announce a budget proposal of N714.4 billion for the services of Delta Government in 2024.
”This amount comprises the sum of N316.6 billion or 44 per cent of total budget for Recurrent Expenditure, and N397.9 billion or 56 per cent of total budget for Capital Expenditure,” he said.
Oborevwori said that the budget showed a decrease of N94.9 billion or 12 per cent, compared with the 2023 budget of N809.4 billion.
”The slight decrease is due to the fact we have planned the 2024 budget around fiscal discipline, which means that the budget will be funded largely from within and the State would spend only what it can earn within the period.
”The main sources of funds for the 2024 budget as proposed would be mainly from the internally generated revenue, statutory allocation, mineral derivation, value added tax and other capital receipts.
“The proposed recurrent expenditure estimates for 2024 of N316.6 billion is made up of personnel costs of N150 billion which is 21 per cent of the proposed Recurrent Budget.
”Also, 39 per cent of the total proposed 2024 budget and overhead costs of N106.6 billion is 15 per cent of the Recurrent Budget estimates or 35 per cent of the aggregate budget proposal for 2024,” he said.
Oborevwori added: ”The personnel cost of N150 billion anticipates the domestication of a likely salary increase by the Federal Government sometime in 2024, while the overhead cost mirrors the inflationary trend in the country.”
He said that the government had set up a framework of action with a view to advancing the state through massive infrastructure renewal, human capital development, and appropriate social investment programmes.
”This budget is emphatic on keeping our expenditure within revenue limits, reducing our debt profile, and ensuring that we do not build new inflationary pressures through extra budgetary funding.
”This presents a challenge to Ministries, Departments and Agencies (MDAs) of government to embrace the timeless principles of strategic planning, fiscal discipline, excellent service delivery, and the judicious allocation of resources to projects and programmes based on their socio-economic value,” Oborevwori said.
In his remarks, the Speaker, Me Dennis Guwor commended the governor for his achievements in his first 100 days in office, saying that the people were expecting more projects, programmes and investment that would transform the state.
“Although the dream is a tall order, with concerted effort and cooperation between the legislature and the executive including other stakeholders, it is achievable,” he said.
He assured that the cordial and harmonious working relationship between the legislature and the executive would be sustained to drive development in all sectors of the state. (NAN)