Governor Ifeanyi Okowa of Delta state has presented a budget estimate of N298.078 billion for the 2018 fiscal year to the state house of assembly, assuring of his administration’s commitment to “build a state anchored on inclusive economic growth and sustainable development.”
Governor Okowa who was accompanied by top aides, disclosed that the “amount comprises the sum of N147.5bn or 49.48 per cent for recurrent expenditure, and N150.5 or 50.52 per cent for capital expenditure.”
While presenting a review of the 2017 budget performance from January to September, Governor Okowa said the expenditure profile “shows that the total sum of N127.0 billion was spent; out of which, the sum of N104.2 billion was incurred on recurrent items, as against a proportionate approved budget of N118.5 Billion, representing a budget performance of 87.97 per cent.”
“The 2018 budget proposal shows an increase of N3.62 billion or 1.21 per cent, compared to the 2017 approved budget of N294.4billion,” the governor said, adding that it was expected that the sum of N71.3 billion would be generated internally (IGR), statutory allocation including mineral revenue derivable – N178.1billion, Value Added Tax – N10.7 Billion, other capital receipts – N37.8 Billion totalling N298.0878 Billion to finance the projected budget for 2018 fiscal year.
From the budget proposal, road infrastructure will gulp the greater chunk of the money as Governor Okowa asserted, “in line with our growth aspirations, the sum of N49.3 Billion is earmarked in the proposed 2018 budget to sustain the current momentum in road infrastructure, including drains,” followed by the Delta State Oil Producing Areas Development Commission (DESOPADEC) which will take N28 Billion from the presented budget for the 2018 fiscal year.
The Deputy Speaker of the Delta State House of Assembly, Rt. Hon. Friday Osanebi, moved the vote of thanks and commended Governor Okowa for his steadfastness in budget execution, reiterating that the governor presented the 2017 Appropriation Bill which passed through due process before it was signed into law and the governor as a law abiding citizen implemented the budget despite the economic situation of the country.