Okowa presents N298 Billion 2018 budget to Delta Assembly

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By OCHEI MATTHEW (Asaba) – Governor Ifeanyi Okowa of Delta State on Thursday presented a budget proposal of N298.078 billion for 2018 fiscal year to the State House of Assembly for consideration and passage.

The budget tagged.”Budget of Hope and consolidation’  was higher than the 2017 budget of N270.9 billion by N3.62bn or 1.21% billion representing

The 2018 estimates are N 147.5 billion as recurrent expenditure is made up of personnel costs of N64.3bn or 43.36%, and overhead costs of N46.8bn or 31.56% while capital expenditure estimates for 2018 is N150.6 billion. The proposal is N14.1 billion or 9% higher than the 2017 capital budget of N136.4 billion as the capital expenditure proposed for next year.

According to the governor, “The 2018 budget proposal shows an increase of N3.62 billion or 1.21%, compared to the 2017 approved budget of N294.4b

Presenting the budget proposal christened: “ budget of Hope Consolidation” to a full session of the Delta
State House of Assembly led by the Speaker, Hon Sheriff,  Dr Okowa noted that the 2018 budget estimates were prepared with unalloyed impetus in spite of the present economic downturn in the country.

A further breakdown of the 2018 budget puts expected receipts as N178,056,627,329 billion from statutory allocation including mineral revenue derivation or the so-called 13 percent derivation fund. The internally generated revenue (IGR) figure is N71,360,419,715

While Value Added Tax  (VAT) is N10,767,532,297 and other capital receipts is N37,893899556 expect little revenue.

While reviewing the performance of 2017 budget, governor Okowa said ” The sum of N136.4b was budgeted for capital expenditure. During the period under review N64.2b, which represents a performance 33.41% .This is, however, not a true reflection of the level of jobs accomplished/completed within the comparable period. We were constrained by our cash flow and weather conditions. We, however, look forth to a better 4th Quarter with improved funding”

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