Delta state governor, Senayor, Dr Ifeanyi Okowa has presented for consideration a budgeted outlay N561,820,596,524 (five hundred and sixty-one billion, five hundred and ninety-six thousand, five hundred and twenty-four naira) for the 2023 fiscal year.
The budgeted estimate shows an increase of 17% from 2022 Budget out of which N235,208,340, 101 is for Recurrent Expenditure representing 42% of the total expenditure, representing an increase of N46,996,627,425 or 25% from the 2022 Budget of N188,211,712,676 and Capital Expenditure of N326,612,256,423, representing 58% of the total Expenditure Budget and an increase of N82,878,785,613 or 17% growth from the 2022 Budget.
Dr Okowa explained that the budget tagged, BUDGET OF SEAMLESS AND STABLE TRANSITION is logicalky geared towards consolidating and expanding achievements of the past seven and half years.
He also added that the budget will further provide for sustained investments in new and ongoing projects, creatinon of employment and business opportunities, promoting an investors friendly environment that makes Delta state the preferred destination for local and foreign investment.
The governor therefore, assures the lawmakers that all spending from the estimated budget will be guided by the principles of fiscal discipline, transparency, accountability and prudent utilisation.of scarce resources.
He said that government took into consideration the national inflation ( consumer prices), the real GDP growth derived from National Bureau of Statistics ( NBS ) and federal government assumptions.
It also took notice of Oil Bench mark of 70 US dollares per barrel, daily production of 1.69 million barrels exchange rate of N445.57 per US dollar and GDP growth in preparing the 2023 budget estimate.
He also gave sectoral break down of his estimated spendings for the consideration of the House.
In his opening remarks, the Speaker, Delta State House of Assembly, Rt. Hon. (Elder) Sheriff Francis Orohwedor Oborevwori JP, said he has no doubt that the 2023 Budget Estimates will consolidate on the gains of the last seven years of this administration.
Similarly, the House will continue to cooperate with the Executive to deliver more development in road and physical infrastructures and human capital till the end of the government in May 2023, and assures his Excellency that the House will not shy away from approving government measures, and pass into laws developmental Bills that will positively impact on the economy and the people of Delta State.
He promised that the House will give the budget expeditious consideration and timely passage to enable implementation commence in January 2023 and therefore, urge all Heads of Ministries, Departments, and Agencies (MDAs) of government to gear up for sectoral defence of their budget proposals before the Standing Committees of the House.