By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Independent News ExpressIndependent News Express
  • Home
  • International
    InternationalShow More
    G7 finance leaders seek non-tariff consensus in Canada, may face US pushback
    Ahead G7 Summit, Finance Ministers Seek Non-tariff Consensus In Canada, May Face US Pushback
    2 weeks ago
    Over 28,000 Women And Girls Killed In Gaza Since October 2023
    2 weeks ago
    Global Aid Cut
    New Report Reveals How Global Aid Cuts Affecting Women’s Organisations Aiding Women In Crises
    3 weeks ago
    UNICEF Raises Alarm Over 14m Children Worldwide At Risk Of Malnutrition
    2 months ago
    United Nations for Women
    In 8 Days, 830 Killed In Gaza – UN Women Raises Alarm
    2 months ago
  • Africa
    Africa
    Show More
    Top News
    Afreximbank Unveils 2024 CANEX Deal Room for Creative Industries
    9 months ago
    African Union Member States Pledge To Improve Nutrition And Food Security In Africa
    2 years ago
    Climate Change: How Women Weather The Storm In Sudan
    2 years ago
    Latest News
    Public Exit: Why South Africa Businesses Are Moving To Private Cloud
    1 hour ago
    Cameroon Tops List Of World’s Most Neglected Displacement Crises
    2 days ago
    ECOWAS Marathon Race Director Okon Congratulates Commission on 50th Anniversary
    1 week ago
    Africa Day: Majority of Africans Want African Nations Be Given Greater Influence In International Decision-making Bodies
    2 weeks ago
  • Corporate News
    • Media Outreach
  • Politics
    Politics
    Show More
    Top News
    Voters In Katsina Vow To Dump Buhairi, APC
    2 years ago
    My Son Must Win, Ondo State’s King Threatens His People
    2 years ago
    I Will Not Disappoint My Constituents, Dekor Reassures Ogoni People
    2 years ago
    Latest News
    LG Election: Stakeholders Appeal To APC Not To Allow Chairmen Run For 3rd term
    4 weeks ago
    More APC Chairmanship Aspirants Reject Indirect Primary For Local Govt Elections In Lagos State
    1 month ago
    Youth Party Sets May 18 for Lagos LG Primary Elections, Slashes Fees For Women and PWDs
    2 months ago
    Oyo State Faces Herculean Task in Picking Makinde’s Successor – Chief Ayorinde
    2 months ago
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
    News
    Show More
    Top News
    Ondo Governor, Akeredolu Begins Construction Of First Flyover In Akure
    2 years ago
    Celebration Of Life: Reverend Adewumi Jegede Of Later House Of God Assembly Buried Amid Pomp
    12 months ago
    Pa Abdulfatah Amoo Ayanwale
    Pa Ayanwale Dies At 76, Fidau Prayers Holds 8 August
    2 years ago
    Latest News
    Former EFCC Boss, Bawa Unveils Explosive Book On Nigeria’s Fuel Subsidy Fraud
    1 day ago
    IMSUAA 2025: La-Ghost And Starblaze Could Draw Inspiration From Convention Theme
    2 days ago
    IMSUAA 2025 Convention: Two Artistes From Lagos Chapter To Light Up Event
    1 week ago
    Lagos SWAN Celebrates Yeni Kuti On Her Special Day
    2 weeks ago
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
    Entertainment
    Show More
    Top News
    Come Play Naija Season 2 Finale, BB Titans, Other Shows On GOtv This Weekend
    2 years ago
    Bishop Obey-Fabiyi, Onaolapo, Back May 7 World Praise Day
    2 years ago
    Savy Henry Evicted From Nigerian Idol Season 8
    2 years ago
    Latest News
    MultiChoice Africa x African Storytelling: How Local Content Shapes Local Culture
    1 hour ago
    Nigerian Idol Season 10 Live Shows Are Underway as the Top 10 Battle for Stardom
    1 week ago
    Nigeria Strengthens Fight Against Content Piracy Through Strategic Partnerships
    2 weeks ago
    Prestige, Impact: Why AMVCA is the People’s Award Show
    4 weeks ago
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
    Lifestyle
    Show More
    Top News
    YSMA
    Yemisi Shyllon Museum of Art and Toledo Museum of Art Launch Historic Cultural Exchange
    4 weeks ago
    Leadership
    CEO Shares 3 Qualities Every Effective Leader Has
    1 year ago
    ‘Artificial Nails, Wigs Attract Misfortune To Ladies’
    2 years ago
    Latest News
    Lagos SWAN Joins UN To Celebrate World Nutrition Month At Unilag Confab
    1 week ago
    Yemisi Shyllon Museum of Art and Toledo Museum of Art Launch Historic Cultural Exchange
    4 weeks ago
    Piracy in Africa’s Creative Sector: How Creators Can Protect Their Content
    2 months ago
    Fanti Carnival Returns To Lagos This Easter Sunday
    2 months ago
  • Business
    • Banking & Finance
    • Oil & Gas
    BusinessShow More
    Lagos Will Continue To Lead Initiatives That Accelerate Economic Diversification – Sanwo-Olu
    2 weeks ago
    Afreximbank
    Afreximbank Reports Strong Performance For Q1 2025 In Line With expectations
    2 weeks ago
    Pan-African Payment & Settlement System
    Nigeria Unlocks Intra-African Trade With New Pan-African Payment & Settlement System Policy Boost
    4 weeks ago
    Impact Of Online Trading Platforms Like Temu On Nigeria’s Economy
    4 weeks ago
    Unity Bank Launches GenFi, Targets Children, Teens With Gamified Banking Platform
    1 month ago
  • Health
    Health
    Show More
    Top News
    Dr. Ahmed Ogwell
    VillageReach Names Dr. Ahmed Ogwell As CEO To Drive Its 2030 Strategy
    1 month ago
    WHO Gives Nigerian Laboratory Full Accreditation To Fight Measles And Rubella
    2 years ago
    European Union Allocates N75m To Prevent Spread Of Diphtheria In Nigeria
    2 years ago
    Latest News
    Roche Launches Diagnostics Operations In Nigeria,
    2 days ago
    Alimosho Football Coaches Council Set For Health, Safety Business Workshop
    2 weeks ago
    World Hypertension Day: Merck Foundation Commits To Improving Cardiovascular And Diabetes Care Across Africa
    3 weeks ago
    First Lady Gives Paediatric Support To Indigent Patients At Lagos General Hospital
    3 weeks ago
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Reading: Delta 2024 Budget: Pointing To A Future Of Economic Growth And Stability
Share
Notification Show More
Aa
Independent News ExpressIndependent News Express
Aa
  • Home
  • International
  • Africa
  • Corporate News
  • Politics
  • News
  • Entertainment
  • Lifestyle
  • Business
  • Health
  • More
Search
  • Home
  • International
  • Africa
  • Corporate News
    • Media Outreach
  • Politics
  • News
    • Agriculture
    • Breaking News
    • Tech
    • Maritime
    • Crime
    • Art & Culture
  • Entertainment
    • Comedy
    • Movies
    • Music
    • Television
    • Concert & Events
  • Lifestyle
    • Fashion
    • Love & Life
    • Food & Drink
    • Travel & Tourism
    • Relationship
    • Sex
  • Business
    • Banking & Finance
    • Oil & Gas
  • Health
  • More
    • Sports
    • Aviation/Transportation
    • Deliverance Hour
    • Industry & Labour
    • Insurance
    • Interview
    • Judiciary
    • Metro
    • Opinion
    • Property
    • Religious
    • Romance
    • Science & Discovery
Have an existing account? Sign In
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Independent News Express > Blog > Opinion > Delta 2024 Budget: Pointing To A Future Of Economic Growth And Stability
Opinion

Delta 2024 Budget: Pointing To A Future Of Economic Growth And Stability

Last updated: 2023/12/02 at 6:49 AM
2 years ago
Share
Governor Sheriff Oborevwori
SHARE

BY FRED EDOREH

On Wednesday, November 29, 2023, Governor Sheriff Oborevwori presented the Delta State 2024 Appropriation Bill, tagged “Budget of Hope and Optimism.”

The event was significant not only because it serves an indication of the economic direction of the state in the coming year, but most importantly because it reveals Governor Oborevwori’s values and approach to governance as well as his grasp and responsiveness to the needs of the people and critical requirements for socio-economic growth, by which he will govern the state for the next eight years.

- Advertisement -
Ad imageAd image

Satisfactorily, the budgetary plan of N714.4 billion tallies with his set framework and action plan for massive infrastructural renewal, human capital development and well calculated social investment programmes for the advancement of Delta State.

A critical analysis of the budgetary approach reveals an administration that is strongly committed to the delivery of economic growth, infrastructural development and higher standard of living for the people, and at the same time responsibly realistic and determined to ensure the financial stability of the state by maintaining fiscal prudence, judicious application of state resources and value for money.

The Governor clearly indicated this when he said the budget is aimed at striking the right balance between maintaining a tight fiscal regime and helping Deltans to navigate the prevailing difficult period and lift as many out of penury.

“This budget is emphatic on keeping our expenditure within revenue limits, reducing our debt profile and ensuring that we do not build new inflationary pressure through extra budgetary funding,” he said.

In simple words, the government is averse to profligacy, expenditures that are not planned nor budgeted for, and unnecessary borrowing.

Also observable is that while there is a cut down on various items relating to executive cost of running government, the proposal has sustained or increased by volume or percentage such items that relate directly to providing for the people, communities and workers.

This is demonstrated in the reduction, notwithstanding the current inflationary trend, of Overhead Cost by N9.7 billion or 8.35%, from N116.2 billion in 2023 to N106.5 billion in 2024; the reduction of the vote for Grants and Contributions by N4.7 billion or 32%, from N14.7 billion in 2023 to N10 billion in 2024; the reduction of the capital vote for the Administration sector by N20.9 billion or 48%, from N43.6 billion in 2023 to N22.7 billion in 2024; and the drastic reduction of Contingency provision by N8.2 billion or 61.7%, from N13.3 billion in 2023 to just N5.1 billion in 2024.

Indeed, against the tendencies for impunity in governance which is part of the bane of our national development, it is unusual to see an administration willfully reduce its executive costs as Governor Oborevwori has done in the 2024 budget.

But even more reassuring is the de-emphasis of funding the budget from such capital receipts like bank loans and bonds, which was brought down by over N100 billion or 68%, from N157 billion in 2023 to just N50 billion in the 2024 revenue projection.

Instead, the administration has opted to focus more on intensifying internally generated revenue, even without multiple taxation, and making greater investments to develop and shore up receipts from the the non-oil sector.

The prospect of achieving the IGR threshold of N110.3 billion, about 5% or N5 billion increase from the 2023 projection, derives from the steady success of the ongoing reforms in tax administration, more professional and people-friendly approach to tax collection, the plugging of detected leakages and the anticipated return of oil companies due to the progressive peacefulness of the state, especially the oil producing communities.

Another point of interest in the budget is the premium placed on the welfare of the public service. As the Governor pointed out, the increment of about N40.7 billion or 36.6% in Personnel Cost, from N109.2 billion in 2023 to N150 billion in 2024, is in anticipation of a likely increase of minimum wage by the Federal Government in 2024.

One of the hallmarks of a good budget is the anticipation of future expenditure increase, and the budget shows that the administration is forward planning and already taking steps to respond to the possible challenge of meeting the needs of workers when the time comes, rather than waiting to run into conflict with Labour with the attendant disruption of governance, low workers’morale, loss of man hour and socio-economic stress across other sectors.

At the same time, the budget increased the vote for Social Contribution, which relates to remittances of such obligations as workers housing and contributory health fund, by 8.54%, from N8.2 billion in 2023 to N8.9 billion, as well as Social Benefits, such as pensions and gratuity, from N5 billion in 2023 to N5.4 billion in 2024, an 8% increase.

Equally remarkable is the sustenance of social investments on above N80 billion mark.

Even with the glaring commitment to the social welfare of the people, the 2024 budget is pointedly aimed at delivering on infrastructural development as can be seen in the difference between the N316.6 billion or 44.31% provision for recurrent expenditure and N397.8 billion or 55.69% provision for Capital expenditure.

This is important because the macro economic growth of any society is better achieved and sustained not by recurrent consumptions but by the infrastructural and economic assets it is able to add to its socio-economic capital base.

More noteworthy in this regard is the provision of N229.4 billion, about 32.12% of the N397 billion vote for Capital Expenditure, for the Economic Sector, and N150 billion of that amount, about 37.7%, for roads and infrastructure.

The meaning is that the administration is poised, in line with the promises of the MORE Agenda to embark on the construction of more critical road infrastructure in the 2024 fiscal year because it is, as Governor Oborevwori put it, “irrevocably committed to advancing urban-rural integration.”

Examined together, the budget proposal testifies to Governor Oborevwori’s description of his administration as “focused, process driven and result oriented.”

You Might Also Like

The Road To The Past By Babafemi Ojudu

FOR THE RECORD: How Police Have Strengthened Nigeria’s Security Architecture To Protect The Nation By AIG Fayode

Hypertension: Case for Sodium Consumption Regulation, Healthier Diets

Tinubu’s Lifejacket And A Deer’s Sacred Skin By Festus Adedayo

Unplanned and Unprepared: Scary Outlook Of Retirement No One Talks About

INadminNG December 2, 2023 December 2, 2023
Share This Article
Facebook Twitter Whatsapp Whatsapp LinkedIn Telegram Email Print
Previous Article Pepsi 5 Intriguing Facts About Newly Launched Pepsi Music Academy In Partnership With EMPIRE
Next Article Sabré Tech Expo: US Embassy, Olowo Keyamo, Obasa,  Others, Hail Innovation in Technology To Boost Africa Travels
about us

Independent News Express (iNews Express), a publication of 4Ds Nigeria Limited, is birthed out of the desires of the founding fathers to report News as it is.

We value Professionalism, Excellence, Service, Creativity and Integrity.

The Company

  • Home
  • About Us
  • Contact Us
  • Privacy & Policy

Quick Links

  • Advertise with us
  • Newsletters
  • Deal

Categories

Find Us on Socials

© Independent News Express. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?