Delta approves 2021-2023 MTEF/FSP
Delta State government has approved the revised 2021 to 2023 Medium Term Expenditure Framework and Fiscal Strategy Paper (MTEF/FSP).
At a virtual meeting presided over by Governor Ifeanyi Okowa, on Wednesday, the state executive council also approved a projected N306.44 billion budget size for the 2021 fiscal year.
The state commissioner for information, Charles Aniagwu, who disclosed this while briefing the press, in Asaba, said the projected 2021 budget was benchmarked on $40 per barrel oil and production volume of 1.86 million barrel per day, inflation rate of 11.9 percent, gross domestic growth rate of three percent and official exchange rate of N360 to the dollar.
According to Aniagwu, the Economic and Fiscal Update, Fiscal Framework and Budget Policy Statement (EFU-FF-BPS) fulfils the requirements of the Fiscal Responsibility Law (2020) as amended.
He added: “In line with international best practice and the desire of the state government to ensure appropriate financial management and resource allocation, the 2021-2023 MTEF/FSP document, is the sixth rolling edition in the series.
“The document is the basis for the preparation of the 2021 budget and having been approved and adopted, it will be processed to the House of Assembly for consideration and approval and for application in the preparation of the 2021 revenue and expenditure budget estimates of the state.”
He further stated that the production of the MTEF/FSP marks the first step in the budget preparation cycle.
The commissioner also disclosed that as part of the government’s commitment to the growth of commerce in the riverine areas, the state council approved N4 billion for the construction of Ogheye concrete floating market project in Warri North local government area of the state.
Speaking further, the commissioner said the council, approved N809 million as counterpart fund for projects being handled by UNESCO and other global agencies, adding that N600 million was also approved as counterpart fund for the Sustainable Development Goals, (SDGS) projects.