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Tuesday , 21 November 2017

Delta gov, Okowa Presents 2018 Budget

The budget which is comprising N147.5bn or 49.48 percent for recurrent expenditure, and N150.5 or 50.52 percent for capital expenditure to the state House of Assembly, assuring of his administration’s commitment to building a state anchored on inclusive economic growth and sustainable development.

Giving account of how the 2017 budget was executed, from January to September, Governor Okowa says 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 percent.

The 2018 budget proposal shows an increase of N3.62 billion or 1.21 percent, compared to the 2017 approved budget of N294.4billion with expectations that the sum of N71.3 billion would be generated internally (IGR), statutory allocation including mineral revenue derivable at n178.1 billion, value-added tax at n10.7 billion, other capital receipts at n37.8 billion totaling 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 in line with growth aspirations of the state.

“The proposed 2018 budget is formulated within the context of the successes – and challenges – of the past two years. It seeks to essentially consolidate the gains of the past as we strive to build an economy that works for everyone.

“As I did say in my inaugural address, people have very high expectations from this government that has sometimes exerted serious pressure on political office holders and other top government functionaries”

“We are determined to make good our commitments to the people of Delta State, they should never be in doubt.

“However, we can only do that within the limits of available resources. Therefore, not being swayed by sentiments or emotion, the proposed 2018 budget is derived from the fiscal strategy paper projections for years 2018 to 2020 and in compliance with International Public Sector Accounting Standards (IPSAS).

“It is a budget of hope and consolidation. I am confident that in the unlikely event of any internal or external shocks, we will be fine as long as we continue our tradition of fiscal discipline, prudence and accountability

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