The Delta State Executive Council has proposed a budget of N714.4 billion for the 2024 fiscal year.
The state’s Commissioner of Economic Planning, Mr. Sunny Edekeyan, who made this disclosure after the executive council meeting in Asaba, the state capital, said that in the draft Appropriation Bill soon to be laid before the state’s House of Assembly N397 billion was proposed as capital expenditure, representing 56% of the total budget, while N316 billion or 44% of the budget, was proposed for recurrent expenditure.
According to him, in the fiscal document N750/$1 is used as the exchange rate benchmark being the official FX exchange rate projected for the year.
The commissioner clarified: “The budget size is N714.4 billion, broken down into capital and recurrent components of N397 billion capital, representing 56%, while the recurrent component is N316 billion, representing 44%.
“The budget was premised on the vision of the present administration and encompassing largely on the activities and programs that will drive the M.O.R.E agenda.
“It is still a proposition because the House of Assembly will still have to look at it and approve it at a later date. However, broadly speaking, it’s a budget that the people will be happy and proud of because a lot of impactful and developmental projects will be embarked upon”, he added.
Edekeyan also spoke on plans by the state government to fund SMEs with single-digit interest loans and agriculture in a bid to tame inflation.
He expatiated: “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 single digit interest rate.
“Looking at other things, agriculture will get a boost, such as rice and food crop production. We are hoping that one of the ways to fight the ravaging inflation is to make food available. So, the agriculture ministry will be on its feet. Like I said, it’s a people’s budget”, the commissioner added.
