ASABA/Nigeria: The Delta State Executive Council (EXCO) presided over by Governor Sheriff Oborevwori on Wednesday, passed a proposed budget of N714.4 billion for the 2024 fiscal year was approved.
During a post-EXCO press briefing at the Government House in Asaba, the Commissioner for Economic Planning, Mr. Sonny Ekedayen, disclosed the details of the proposed budget. He explained that the budget is divided into two main components, with N397 billion, representing 56 percent, allocated for Capital Expenditure, and N316 billion, representing 44 percent, designated for recurrent expenditure.
Ekedayen emphasized that the 2024 proposed budget is based on an exchange rate of N750 per dollar, underlining the administration’s vision and alignment with the M.O.R.E agenda. While noting that the budget is still a proposition subject to approval by the House of Assembly, he expressed confidence that it would receive widespread support from the people.
He said, “The budget size is N714.4 billion, broken down into capital and recurrent components of N397 billion capital, representing 56 per cent, while the recurrent component is N316 billion, representing 44 per cent. The budget was premised on the vision of the present administration and encompassing largely on the activities and programmes that will drive the M.O.R.E agenda.”
Ekedayen also highlighted key areas of focus for the 2024 budget, stating, “The people should expect new townships and massive road infrastructures, with emphasis on quality; people should also expect some new expansions in the healthcare institutions we have in the state.”
The commissioner emphasized the state government’s commitment to supporting small businesses, stating, “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 a single-digit interest rate.”
He further mentioned that the agriculture sector would receive a significant boost, particularly in the production of rice and food crops, in an effort to combat inflation and make food more accessible to the public.
In summary, Ekedayen described the budget as “a people’s budget,” promising that it would pave the way for impactful and developmental projects that will benefit the residents of Delta State.
