Okowa proposes N298.078bn for 2018

Governor Ifeanyi Okowa of Delta State yesterday proposed N298.078 billion for the 2018 budget year.

Tagged Budget of Hope and Economic Consolidation, the 2018 proposal shows an increase of N3.62 billion or 1.21%, compared to the 2017 approved budget of N294.4bn and comprises N147.5 billion or 49.48% for recurrent expenditure, and N150.5 billion or 50.52% for capital expenditure.

The proposed recurrent expenditure estimates for 2018 of N147.5 billion is made up of personnel costs of N64.3 billion or 43.36%, and overhead costs of N46.8 billion or 31.56%., while the proposed capital expenditure estimates for 2018 is N150.6 billion, which proposal is N14.1 billion or 9.39% higher than the 2017 capital budget of N136.4 billion.

Governor Okowa said the budget was meant essentially to consolidate the gains of the past while striving to build an economy that works.

He said more than half the 2018 budget would derive from statutory allocations projected at N178.1bn or 59.73%.

Governor Okowa is optimistic that with the reforms his administration is undertaking in revenue collection and the plugging of leakages in all revenue sources, complemented by the anticipated return of oil producing companies to Delta State, the Internally Generated Revenue (IGR) base of the state would soar in the coming year.