Governor Oborevwori presents ₦714.4bn 2024 budget for Delta State
The budget showed a decrease of ₦94.9 billion or 12%, compared with the 2023 budget of ₦809.4 billion.
Presenting the budget tagged ”Budget of Hope and Optimism”, Oborevwori said it was made up of ₦316.6 billion recurrent expenditure and ₦397.9 billion capital expenditure.
"I wish to announce a budget proposal of ₦714.4 billion for the services of Delta Government in 2024.
"This amount comprises the sum of ₦316.6 billion or 44% of total budget for Recurrent Expenditure, and ₦397.9 billion or 56% of total budget for Capital Expenditure,” he said.
Oborevwori said that the budget showed a decrease of ₦94.9 billion or 12%, compared with the 2023 budget of ₦809.4 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 ₦316.6 billion is made up of personnel costs of ₦150 billion which is 21% of the proposed Recurrent Budget.
”Also, 39% of the total proposed 2024 budget and overhead costs of ₦106.6 billion is 15% of the Recurrent Budget estimates or 35% of the aggregate budget proposal for 2024,” he said.
Oborevwori added: "The personnel cost of ₦150 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, Mr 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 stated.
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.
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