Delta State’s Ambitious Vision: N714.4 Billion Budget Proposal for 2024

The Delta State Executive Council has put forth a comprehensive budget proposal for the fiscal year 2024, amounting to a substantial N714.4 billion. This announcement was made by Mr. Sunny Edekeyan, the state’s Commissioner of Economic Planning, following a session of the Executive Council. The budget is a testament to the government’s commitment to fostering economic growth and development within the state.

Breaking down the budget, it is evident that a significant portion, specifically N397 billion, has been allocated to capital expenditure. This allocation represents a substantial 56% of the total budget, highlighting the state’s dedication to investing in infrastructure and development projects. On the other hand, N316 billion, constituting 44% of the budget, has been earmarked for recurrent expenditure, which includes operational costs and routine expenses.

In order to establish a solid foundation for financial planning, the budget has been carefully benchmarked with an official exchange rate of N750 per US dollar. This exchange rate serves as a critical reference point to ensure financial stability and consistency in budget execution.

Mr. Edekeyan provided insights into the rationale behind the budget and its alignment with the government’s vision. He expressed, “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%.” This breakdown emphasizes the importance of investing in capital projects while maintaining financial sustainability.

Furthermore, the budget proposal is firmly rooted in the present administration’s vision and aligns with the goals of the M.O.R.E (Making Our Roads Efficient) agenda. Mr. Edekeyan added, “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.” The proposed budget, therefore, not only reflects fiscal responsibility but also showcases a commitment to enhancing the overall well-being of the citizens.

One of the noteworthy aspects of this budget proposal is the provision of funds to support small and medium-sized enterprises (SMEs) in the state. The government intends to offer these enterprises access to loans with single-digit interest rates, which can be a game-changer for SMEs, fostering business growth and economic empowerment. In Mr. Edekeyan’s words, “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 a single-digit interest rate.” This initiative not only encourages entrepreneurship but also contributes to job creation and economic stability.

Additionally, the budget allocates resources to boost the agricultural sector, with a particular focus on the production of staple crops like rice and other food items. By investing in agriculture, the government aims to make essential food products more readily available, which in turn can help combat the challenges posed by rising inflation. As Mr. Edekeyan mentioned, “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.” The commitment to ensuring food security and price stability underscores the government’s dedication to the welfare of its citizens.

In summary, the Delta State Executive Council’s proposed budget for 2024, totaling N714.4 billion, reflects a comprehensive strategy for economic growth and development. By allocating a significant portion to capital expenditure, supporting SMEs, and investing in agriculture, the government demonstrates its commitment to the well-being of the people and the overall prosperity of the state. This budget is not only a financial plan but also a testament to the government’s dedication to fulfilling its promises and enhancing the quality of life for its citizens.