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Politics

Gov Oborevwori presents N714.4 billion budget for 2024

Delta Governor RT. Hon Sheriff Oborevwori Photo Facebook Sheriff

Governor Sheriff Oborevwori presented a budget of N714.4 billion for 2024 to the State House of Assembly for approval on Wednesday.

Presenting the budget tagged ‘Budget of Hope and Optimism’, Mr Oborevwori said it was made up of N316.6 billion in recurrent expenditure and N397.9 billion in capital expenditure.

“I wish to announce a budget proposal of N714.4 billion for the services of the Delta government in 2024. This amount comprises the sum of N316.6 billion, or 44 per cent of the total budget for recurrent expenditure, and N397.9 billion, or 56 per cent of the total budget for capital expenditure,” he said.

Mr Oborevwori said the budget showed a decrease of N94.9 billion, or 12 per cent, compared with the 2023 budget of N809.4 billion.

The governor explained, “The slight decrease is due to the fact that we have planned the 2024 budget around fiscal discipline, which means that the budget will be funded largely from within, and the state will spend only what it can earn within the period.

“The main sources of funds for the 2024 budget, as proposed, would be mainly 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 are made up of personnel costs of N150 billion, which is 21 per cent of the proposed recurrent budget.”

He added, “Also, 39 per cent of the total proposed 2024 budget and overhead costs of N106.6 billion are 15 per cent of the recurrent budget estimates or 35 per cent of the aggregate budget proposal for 2024.”

Mr Oborevwori explained that 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 the government had set up a framework of action to advance Delta 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,” the governor noted. “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.”

(NAN)

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