Delta State Governor, Rt. Hon. Sheriff Oborevwori Wednesday presented a proposed budget estimate of N714.4 Billion naira for the 2024 fiscal year.
Governor Oborevwori made the presentation before the Lawmakers during the plenary of the House, presided over by the Speaker, Rt Hon Emomotimi Guwor.
The year 2024 Appropriation Bill, Christened “budget of Hope and Optimism”, is made up of N316.6 Billion for recurrent expenditure, representing 44 percent of the total budget and N397.9 Billion naira for capital Expenditure, representing 56 per cent of the total budget
Further breakdown of the proposed budget showed a decrease of N94.9 Billion naira, representing 12 per cent compared to the 2023 approved budget of N809.4 Billion naira.
Rt Hon Oborevwori said the main sources of funds for the 2024 budget would be financed through increased Internally Generated Revenue drive, statutory allocation, Mineral derivation, value-added tax and other capital receipts.
The Governor added that in the 2024 fiscal year, the State government is targeting an IGR projection in excess of N110.3 Billion as against the projected N95 Billion in 2023.
He explained that the projection is feasible given the ongoing reforms in the state’s revenue collection, plugging of leakages in all revenue sources as well as the anticipated return of oil-producing companies in the State.
On value-added Tax, Oborevwori hinted that the sum of N45.8 Billion is being estimated to be received as remittance in the 2024 fiscal year.
He said the sum of N507.9 Billion is being expected as Statutory Allocation which includes mineral derivation in the 2024 fiscal year.
The Governor explained that the sum of N50.4 Billion is being expected from other capital receipts.
The Speaker, Rt Hon Emomotimi Guwor said with the presentation the bill has sailed through its first reading on the floor of the House and announced, Thursday, 30th of November for the second reading of the Appropriation bill.
Rt. Hon Guwor commended the Governor for the timely presentation of the bill and assured him and indeed Deltans of accelerated deliberation and passage of the Bill.
The Speaker used the opportunity provided by the presence of the Governor at the Hallowed Chamber to again congratulate him on his victory at the Court of Appeal.