• Tuesday, February 27, 2024
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Delta proposes N459bn as 2023 budget

Nigeria’s yawning budget deficit signals more unlawful CBN loans

The Delta State Government has proposed N459.2billion as the 2023 budget.

Barry Gbe, the state commissioner for economic planning made the disclosure in Asaba at the commencement of budget defence by ministries, departments, and agencies (MDAs). He said the government hoped to concentrate on ongoing projects.

He said that inflation and high exchange rate in the country had adversely affected the state contractual obligations as there was avalanche of requests for upward review of contract sum of ongoing projects and would be considered in the 2023 budget.

Read also: Nigeria’s food inflation rises despite drop in global commodity prices

He said that the proposed budget was based on global oil price, explaining that “while the current price of oil stands at 107 per barrel as to 57 dollar per barrel as at 2022 we will organize the budget on a benchmark of 70 dollar per barrel in the advent of fall in oil prices.”

Gbe added that the budget would also be used to pay outstanding loan interest of banks that are credited to the state assuring that the current administration in the state would not want to leave a huge debt profile for the incoming administration by May 2023″ he asserted.

The commissioner disclosed that the Russia- Ukraine war was positively affecting the fortune of the country somehow as more countries buy the nation’s crude.

The huge oil subsidy has, however, drained the gains of the deal, Gbe lamented.