ASABA/Nigeria: Delta State Governor Rt. Hon. Sheriff Oborevwori assented to the state’s 2024 Appropriation Bill, amounting to a staggering N724,979,313,867 billion. This budget comprises N316,624,462,711 for recurrent expenditure and N408,354,851,156 for capital expenditure, signaling a strategic allocation aimed at fostering sustainable economic growth within the state.
Dubbed the “Budget of Hope and Optimism,” Governor Oborevwori emphasized that this fiscal plan is poised to reinvigorate the state’s economy. His address highlighted the budget’s pivotal role in propelling domestic and foreign investments, enhancing productivity, and facilitating an improved business environment in Delta State.
“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,” remarked Governor Oborevwori during the budget signing ceremony, reflecting on the significance of this financial roadmap.
He further illuminated the budget’s structure, indicating a deliberate allocation of 44% and 56% to recurrent and capital expenditures, respectively, underscoring its strategic focus. Governor Oborevwori stressed that this year’s budget demonstrates a prudent 12% reduction compared to the previous year, reflecting a keen awareness of prevailing economic realities.
“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,” the Governor explained, highlighting the administration’s commitment to fiscal responsibility.
Governor Oborevwori emphasized the budget’s pivotal role in redirecting funds towards critical infrastructure and human capital, aiming to bolster the state’s economic landscape. He proudly announced the administration’s financial discipline, noting a six-month period without borrowing and an unwavering commitment to meeting financial obligations.
Commending the collaborative efforts of the Delta State House of Assembly, Governor Oborevwori acknowledged their support in securing the budget’s passage. The Speaker, Rt. Hon. Emomotimi Guwor, echoed these sentiments, emphasizing the alignment of the budget with the state’s policy direction, reflecting fiscal discipline, sustainable growth, transparency, and effective service delivery.
The 2024 budget’s objectives encompass controlling inflation, accelerating infrastructural development, fostering non-oil sector growth, and enhancing the state’s economic resilience. Additionally, it aims to promote small and medium enterprises, generate employment for the youth, and elevate overall productivity.
Governor Oborevwori assured the populace of the administration’s steadfast commitment to implementing the 2024 Budget, reaffirming a governance style driven by focus, process, and results.
The unanimous passage of the Appropriation Bill through legislative processes underscores the collective commitment to steer Delta State towards sustainable economic progress.
