WorldStage Newsonline– Governor Ifeanyi OKowa of Delta on Wednesday presented a budget of N389 billion for 2020 to the State House of Assembly.
While presenting the budget in Asaba tagged “Budget of Sustainable Development”, he said the 2020 budget was about N1.18 billion lower than the 2019 figure of N390 billion.
Okowa said the budget was made up of N171 billion recurrent expenditure and N217 billion capital expenditure.
“This shows 44.08 per cent recurrent and 55.92 per cent capital expenditure.
“This is consistent with our agenda of spending more on projects and programmes that will impact directly on the socio-economic well-being of our people,” he said.
Okowa said the proposed revenue and expenditure were based on a Medium-Term Expenditure Framework (MTEF), which projected a 57 U.S dollar benchmark price for crude oil at production level of 2.18 million barrels per day.
“Also at 10.36 per cent annual inflation, 3.6 per cent projected real GDP growth and at an exchange rate of N305 to dollar,” he said.
He said that the budget would be financed through Internally Generated Revenue (IGR) of N71 billion representing 18.25 per cent and Statutory Allocation Including Mineral Revenue Derivation of N248 billion.
“Also Value Added Tax (VAT) of N23 billion and other capital receipts and miscellaneous of N46 billion,” he said.
Some of the sectoral allocations, include Ministry of Works N84 billion, education N31 billion, health N9 billion and energy N3 billion.