Governor Okowa in the more than fifty minutes presentation of the Appropriation Bill at the hallowed chamber of the Delta State House of Assembly said the budget christened ‘’Budget of Recovery’’ would be funded from four sources.
These includes internally generated revenue, sixty five point six billion naira, statutory Allocation including mineral derivation and Excess Crude, two hundred and nineteen point nine billion, value added tax-seventeen point five billion naira and other capital receipts-seventy five point three billion naira.
Dr Okowa stated that the 2021 budget estimates is ninety six point one billion naira increase over the revised budget of 2020.
The Governor said the increase was necessitated by the realities of the times with respect to gradual improvement in revenue inflow from the federal allocation as the impact of COVID 19 pandemic is easing.
Governor Okowa explained that the recurrent estimate of one hundred and seventy one point three billion naira represents forty five point two four percent of the total budget and comprises person cost eighty five billion naira, over head cost of sixty billion and consolidated revenue charges of twenty six billion.
Dr Okowa noted that the personal cost is high than the 2020 revised budget figure of eighty two billion by two point four billion naira while the over head cost is fifteen point eight billion higher than previous estimate of fifty nine point nine billion naira.
He stated that the marginal increase of the personal budget is to accommodate the reinstatement of the workers new minimum wage which was shelved for a short period in the heat of the sharp revenue drop during the COVID 19 pandemic.
According to the Governor, the total proposed recurrent expenditure budget is high than the one hundred and fifty two point four figure of the revised 2020 budget by eighteen point eight billion naira.
Dr Okowa stated that the increase stemmed from the gradual improvement in some revenue streams especially the improvement in receipts from FAAC, stressing that there is a corresponding increase in funding of critical capital projects that can create wealth and improve the quality of lives of the people.
The Speaker, Right Honourable Sheriff Oborevwori had while welcoming the governor to the hallowed chamber pledged the commitment of the state legislature to collaborating with the executive to develop a smart sustainable and knoeledge bases state and an economy that will be the envy of all.
Right Hon Oborevwori emphasized that with feat achieved in the five years administration of the Okowa led government, the responsiveness and readiness of the house to continue to support the government through passage of people oriented and development driven legislation was not in doubt.
The Deputy speaker, Right Hon Ochor Ochor in a motion of appreciation assured of the house readiness for early passage of the 2021 appropriation bill

Comments are Closed