Ifeanyi Okowa, governor of Delta State, presented a proposed budget of N561.82 billion to the House of Assembly yesterday. The proposed budget is for the fiscal year of 2023.
The budget is titled “Budget of Seamless and Stable Transition,” and it comprises N235.2 billion for recurrent expenditures, which represents a 42 percent increase, and N326.6 billion for capital expenditures, which represents a 48 percent increase.
Dr. Okowa stated that the budget would be supported by federal appropriation, domestically produced money, and reception from other sources.
According to him, the expenditure plans for the budget ought to be guided by the principles of fiscal discipline, transparency, accountability, and smart utilization of scarce resources.
The governor stated that the budget’s purpose was to bolster his administration’s accomplishments since 2015. He also noted that the budget intended to maintain the policy thrust of prudent management of resources, budget discipline, observance of due process, ensuring good value for money, completion of ongoing projects, and provision of basic infrastructure.
He stated that the budget proposal was dependent on the macroeconomic framework for the 2023-2025 Medium Term Expenditure Framework and the Fiscal Strategy Paper, as well as the national inflation of consumer prices, the real GDP growth derived from the National Bureau of Statistics, and the assumption made by the Federal Government for the preparation of the 2023 budget.
Okowa stated that the recurring expenditures of N235.2 billion indicated an increase of 25 percent from the budget of N188.2 billion for 2022, while the capital expenditures of N326.6 billion boosted the 2022 budget projection above that of 2023 by 17 percent.