Delta State Governor, Sheriff Oborevwori, has reportedly signed the 2024 Appropriation Bill of N724.97 billion.
The governor appended his signature in the company of the Speaker, State House of Assembly, Mr Emomotimi Guwor, and other principal officers of the house and executive members at the government house on Wednesday, according to NAN.
The governor explained that the approved budget is made up of N316.62 billion for recurrent expenditure and N408.35 billion for capital expenditure.
He said that the budget, tagged “Budget of Hope and Optimism”, is geared towards putting the economy of the state on the path of sustainable growth.
“It would also boost both domestic and direct foreign investments and productivity and enhance the ease of doing business in the state,” he said.
Oborevwori underscored the significance of the budget, saying that “the law provides a veritable foundation for the sustainable delivery of our social and economic pact – the M.O.R.E Agenda to the good people of Delta”.
He said: “I am happy to welcome you to this budget signing.
“I am happy because this time last year, I stood here to present the 2023 budget for assent as speaker, but by the grace of God, I am sitting here as governor of Delta to assent to the bill.
“We have allocated 44 per cent and 56 per cent of the budget to recurrent and capital expenditure, respectively, amounting to N724.97 billion total budget size.
“The budget is very key to the developmental programme of the state and the budget we signed today is less by 12 per cent compared to that of 2023.
“In preparing these estimates, we were very mindful of the current economic realities, thus the evident 12 per cent reduction in the size of this budget, when compared to that of 2023“.
According to him, we are cutting down on recurrent expenditure to free up much-needed funds for the sustainable financing of our critical infrastructure and human capital.
“These would allow for the ease of doing business, attract domestic and direct foreign investments, and improve productivity thus sustaining the growth of our domestic economy.
“By the grace of God, since the commencement of our administration in the past six months, we have not borrowed and we are paying our contractors and meeting all our obligations,” the governor said.
He commended the speaker and members of the assembly for their support and cooperation in the interest of the state.
He said: “The budget will help control the effects of inflation through fiscal discipline and judicious allocation of resources, accelerated infrastructural development.
“It will stimulate growth of the non-oil sector and make the economy more resilient to external shocks.
