DELTA State governor, Sheriff Oborevwori, on Wednesday, in Asaba, signed the 2024 Appropriation Bill of N724,979,313,867.
The approved budget is made up of N316,624,462,711 in recurrent expenditure, while the sum of N408,354,851,156 is for capital expenditure.
Governor Oborevwori said the 2024 budget, tagged “Budget of Hope and Optimism,” is geared towards putting the economy of the state on the path of sustainable growth.
He remarked that the budget would boost both domestic and direct foreign investments and productivity and enhance the ease of doing business in the state.
He underscored the significance of the budget, adding that “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.
He said: “I am happy to welcome you to this budget signing. I am happy because this time last year I stood here to present the 2023 budget for assent as Speaker, but by the grace of God, I am sitting here as Governor of Delta to assent to the bill.
“We have allocated 44 per cent and 56 per cent of the budget to recurrent and capital expenditure, amounting to N724,979,313,867 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 per cent compared to that of 2023.
“In preparing these estimates, we were very mindful of the current economic realities, thus the evident 12 per cent reduction in the size of this budget when compared to that of 2023.
“We are cutting down on recurring expenditures 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 and 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 said further: “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.
