By Festus Ahon
ASABA—GOVERNOR Ifeanyi Okowa of Delta State, yesterday, presented a budget estimate of N298.078 billion for the 2018 fiscal year to the state House of Assembly for approval.
Presenting the budget christened, Budget of Hope and Consolidation, at plenary of the House presided over by the Speaker, Rt Hon Sheriff Oborevwori, Governor Okowa, said the budget was made up of recurrent expenditure of N147.5 billion representing 49. 48 percent and N150.5 billion representing 50. 52 percent for capital expenditure.
Saying that the 2018 budget proposal showed an increase of N3.62 billion representing 1.21 percent compared to the 2017 budget of N294.4 billion, the governor said over N18 billion would be spent on the education sub-sector in 2018.
Okowa highlighted the sources of funding for the 2018 proposed budget to include Internally Generated Revenue, N71 billion; statutory allocation including Mineral Revenue Derivation, N178 billion; Value Added Tax, N11 billion; other Capital Receipts, N38 billion, totalling N298 billion.
Reiterating that his administration was undertaking reforms in revenue collection and plugging of leakages in all revenue sources, Okowa expressed optimism that the anticipated return of oil producing companies was expected to impact positively on the state’s IGR in 2018.
Giving a breakdown of the recurrent expenditure of the 2018 proposed budget of N147.5, the governor said with Personal Cost, N64 billion, Overhead Cost N47 billion and Consolidated Revenue Charges N37 billion.
According to Dr Okowa, the sectoral breakdown of the Capital expenditure of the 2018 proposed budget include Economic sector, N38 billion; Social sector, N29 billion; Environmental sector, N35 billion; General Administration, N18 billion naira; DESOPADEC, N28 billion and Contingency Fund, N3 billion.
Okowa who gave the 2017 approved budget performance, stressed that with the optimism that the current peaceful atmosphere in the Niger Delta region, some companies which vacated the region will return to the state.