Delta State Governor Ifeanyi Okowa yesterday presented to the House of Assembly, a budget proposal of N561.82 billion for 2023 fiscal year.
The budget named: ‘Budget of Seamless and Stable Transition’, consists of N235.2billion for recurrent expenditure, representing 42 per cent rise and N326.6 billion, representing 48 per cent for capital expenditure.
Dr. Okowa said the budget would be funded through federal allocation, internally generated revenue and receipt from other sources.
He said spending proposals for the budget must be guided by principles of fiscal discipline, transparency, accountability and prudent utilisation of scarce resources.
The governor said the budget was targeted at strengthening the achievements of his administration since 2015, adding that it intended to maintain a policy thrust of prudent management of resources, budget discipline, observance of due process, ensuring good value for money, completion of ongoing projects and provision of basic infrastructure.
He said the budget proposal was hinged on macro-economic framework for the 2023-2025 Medium Term Expenditure Framework and the Fiscal Strategy Paper, as well as the national inflation consumer prices, the real GDP growth derived from the National Bureau of Statistics and the Federal Government’s assumption for the preparation of the 2023 budget.
Okowa said the recurrent expenditure of N235.2 billion showed an increase of 25 per cent from the 2022 budget of N188.2billion, while the capital expenditure of N326.6 billion raised the 2022 budget estimate above that of 2023 by 17 per cent.