Sheriff Oborevwori, the governor of Delta State, has signed into law the state’s 2024 appropriation bill of N724, 979,313,867 billion, assuring that the budget would put the state’s economy on the path of sustainable development and further enhance business competitiveness of the state.
The approved budget is made up of N316, 624,462,711 recurrent expenditure, while the sum of N408, 354,851,156 is for capital expenditure.
Speaking at the signing ceremony, which took place at the Government House, Asaba, Wednesday, Oborevwori added that the budget tagged, “Budget of Hope and Optimism”, would boost both domestic and direct foreign investments and productivity and enhance the ease of doing business in the state.
He highlighted the significance of the budget and added, “The law provides a veritable foundation for the sustainable delivery of our social and economic pact – the MORE Agenda to the good people of Delta State.”
“We have allocated 44% and 56% of the budget to recurrent and capital expenditure amounting to N724,979,313,867 billion total budget size. The budget is very key to the developmental programme of the state and the budget we signed today is less by 12 percent compared to that of 2023.
“In preparing these estimates, we were very mindful of the current economic realities thus the evident 12% reduction in the size of this budget when compared to that of 2023.
“We are cutting down on recurring expenditure to free up much needed funds for the sustainable financing of our critical infrastructure and human capital.
“These would allow for the ease of doing business, attract domestic & direct foreign investments, and improve productivity thus sustaining the growth of our domestic economy.
“By the grace of God since the commencement of our administration in the last six months we have not borrowed and we are paying our contractors and meeting all our obligations.”
He commended the speaker and members of the House of Assembly for their support and cooperation in the interest of the state.
The objectives of the 2024 budget include: to control the effects of inflation through fiscal discipline and judicious allocation of resources, accelerated infrastructural development; stimulate growth of the non-oil sector and make the economy more resilient to external shocks.
The budget will further enhance the business competitiveness of the state by nurturing and promoting the growth of Micro, Small, and Medium Enterprises; create employment for the state’s teeming youth population and raise the productivity of the state’s land, labour, and capital assets.
“We appreciate the Delta State House of Assembly for the passage of this Bill and previous Administrations for entrenching the core values of service through partnerships, innovation, transparency, accountability, inclusiveness and fiscal responsibility.
”Let me assure our people of faithful implementation of the 2024 Budget. This administration is focused, process driven, and result-oriented in its governance style.
“The progress that we have made in the last six months should give hope to our people that the goals we have set in this budget will be pursued with similar zeal and dedication,” he added.
Presenting the appropriation bill, Emomotimi Guwor, the speaker of the Delta State House of Assembly, recalled that the Bill was presented to the House on November 29 and passed on December 14 after passing through all legislative processes.
Guwor said the budget as passed by the house aligned with the state’s policy direction of fiscal discipline, sustainable growth, investment and productivity, transparency, accountability, and efficient and effective service delivery.
He stated that the report of the Finance and Appropriation’s Committee on the Appropriation Bill, 2024 encapsulated consensus view points of the MDAs and the Standing Committees of the House.