Delta earmarks N397bn for capital expenditure in N714.4bn budget proposal for 2024

Business a.m

The Delta State Executive Council has proposed a total budget of N714.4 billion for the 2024 fiscal year, with N397 billion appropriated for capital expenditure,representing 56 per cent of the total budget and N316 billion, representing 44 per cent of the budget allocated to recurrent expenditure.

The budget proposal includes a significant investment in infrastructure and other capital projects, such as health, education, agriculture, and transportation, as well as provisions for ongoing projects. The budget also includes measures to address the issue of revenue shortfall in the state.

This was announced by Sunny Edekeyan, the state’s commissioner for economic planning, following an executive council meeting presided over by Governor Sheriff Oborevwori on Wednesday.

The budget was also benchmarked with an official exchange rate of N750 per dollar.

Edekeyan explained that the proposed budget is aligned with the state government’s vision and includes programs and activities that will drive the More Agenda (Meaningful Opportunities for the Rebranding of the Economy). However, it is still a proposal that requires the approval of the state’s House of Assembly.

The commissioner also noted that the budget is designed to improve the lives of citizens and drive economic development in the state, and expressed confidence that it will receive the support of the people. He added that the budget includes several impactful and developmental projects that will benefit the people of Delta State.

Speaking further, the commissioner disclosed that the state plans to fund SMEs with single-digit interest loans and fund agriculture in a bid to tame inflation.

He said, “We should also expect the government to support the small and medium scale enterprises in the state with some kind of funds to support their businesses, which would be given at single digit interest rate.”

In addition to the initiatives outlined in the budget, the commissioner emphasised the importance of promoting agriculture, specifically rice and food crop production, as a way to combat inflation by increasing food supply. He noted that this is one of the ways in which the state government is working to improve the lives of citizens and the economy as a whole.