Babatunji Wusu –
The 2024 appropriations bill, totaling N724, 979,313,867 billion, was signed into law by Delta State Governor Sheriff Oborevwori, who guaranteed that the budget will put the state’s economy on a sustainable development path and further increase the state’s commercial competitiveness.
The approved budget includes N408, 354,851,156 for capital expenditures and N316, 624,462,711 for recurrent expenses.
Speaking during the signing ceremony on Wednesday at the Government House in Asaba, Oborevwori said that the budget, dubbed the “Budget of Hope and Optimism,” will increase productivity and both domestic and foreign direct investments. It would also make conducting business in the state easier.
“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 continued, emphasizing the budget’s importance.
“We have allotted N724,979,313,867 billion, or 44% and 56% of the overall budget, to recurrent and capital expenditures, respectively. The state’s developmental program heavily relies on the budget, and the one we signed today is 13% smaller than the one from 2023.
“We were quite conscious of the current economic realities when generating these projections, which is why there is a clear 12% decrease in the size of this budget when compared to that of 2023.
“In order to free up much-needed cash for the sustainable financing of our vital infrastructure and human capital, we are reducing our recurring expenditures.
These would facilitate commercial dealings, draw in both domestic and international direct investment, and boost productivity, all of which would support the expansion of our own economy.
“By the grace of God, we have not taken out any loans since the start of our administration and we are fulfilling all of our financial obligations and paying our contractors.”
He expressed his gratitude to the speaker and the House of Assembly members for their collaboration and support in the best interests of the state.
The budget for 2024 has several goals, such as accelerating infrastructure development, controlling the effects of inflation through prudent resource allocation and fiscal restraint, promoting the expansion of the non-oil sector, and strengthening the economy’s resistance to shocks from outside sources.
The budget will support the development of Micro, Small, and Medium-Sized Businesses, provide jobs for the state’s burgeoning youth population, and increase the productivity of the state’s labor, capital, and land resources in order to further boost the state’s business competitiveness.
“We are grateful to the Delta State House of Assembly for passing this bill and to the past Administrations for establishing the fundamental principles of accountability, transparency, inclusion, innovation, partnerships, and budgetary prudence.
“Let me reassure our people that the 2024 Budget will be faithfully implemented.” The governing style of this administration is result-oriented, process-driven, and focused.
“Our people should have hope that the goals we have set in this budget will be pursued with similar zeal and dedication, given the progress we have made in the last six months,” he continued.
The speaker of the Delta State House of Assembly, Emomotimi Guwor, introduced the appropriations bill. He recalled that the bill had been introduced on November 29 and had been passed on December 14 after going through all the necessary legislative procedures.
According to Guwor, the house-passed budget was in line with the state’s policy priorities, which include responsible and transparent spending, sustainable growth, investment in productivity, and efficient and effective service delivery.
According to him, the MDAs and the House Standing Committees’ consensus positions were captured in the Finance and Appropriations Committee’s report on the Appropriation Bill, 2024.
