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 disclosed this after the executive council meeting.
The commissioner stated that the budget estimates included N397 billion allocated to capital expenditure, accounting for 56% of the total budget, while N316 billion, constituting 44% of the budget, was projected for recurrent expenditure.
The budget was also benchmarked with an official exchange rate of N750/$.
What the state government said
The commissioner stated,
- “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.”
Provision of funds for SMEs
Speaking further the commissioner noted that the state plans to fund SMEs with single-digit interest loans and fund agriculture in a bid to tame inflation.
He said,
- “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.”
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