Okowa presents N389.1bn 2020 budget to Delta Assembly


 


Delta state governor, Dr Ifeanyi Okowa, has presented a budget of N389, 190,799,362 billion to the state House of Assembly for 2020 fiscal year for approval. 

The budget, christened Budget of Sustained Development, projected N171, 549,384,315 for recurrent expenditure while capital expenditure is embarked to gulf N217, 641,415,047. 

This represents 44.08 per cent recurrent expenditure and 55.92 per cent capital expenditure, consistent with the agenda to spend more on project and programmes that will impact directly on the socio-economic well being of Deltans. 

The 2020 budget proposal is N1billion less than the N390,378,671,178 projected for 2019.

Presenting the budget before the state Assembly, Governor Okowa said the 2020 proposal was based on revenue and expenditure estimate as well as medium term expenditure framework,  which projected a $57 benchmark price for crude oil at production level of 2.18 million barrel per day; 10.36 per cent annual inflation,  3.60 per cent projected real GDP growth and an exchange rate of N305 to the US dollars. 

 According to him,  “as I stated at the beginning of this presentation, there are challenges ahead, some domestic,  some international.  The best we can do is to prepare ourselves against any future shock and their probable impact on the performance of the economy.”  

Dr.  Okowa said the credibility of his government has continued to attract local and foreign investors; hence the state was ranked very  high on ease of doing business. 

“We intended to continue to reposition our educational system to equip our youth population with the skill set needed for this new world of rapid change and digital revolution,” he said. 

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