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Okowa presents 2023 budget of N561.8bn to Assembly
 
By: News Editor
Thu, 27 Oct 2022   ||   Nigeria, Asaba, Delta State
 

The Delta State Governor, Ifeanyi Okowa, has presented 2023 budget of N561.8 billion to the State House of Assembly.
Okowa presented the budget named ‘Budget of seamless and stable transition,’ on Thursday for approval, in Asaba.
The Governor said the budget is made up of N235.2 billion Recurrent Expenditure, representing 42 per cent and N326.6 billion Capital Expenditure, representing 58 per cent.
The budget will be mainly funded through Internally Generated Revenue (IGR).
He said; “With the sustenance of all the measures put in place to overhaul the revenue infrastructure, the IGR for 2023 is expected to improve.’’
“The signs are obvious with a performance of 89 per cent of the budget in the first nine months of the current year. We shall continue to sustain and improve on the measures taken thus far, which culminated in the increased revenue profile.’’
“While new sources of revenue are being explored, we shall also intensify enforcement of appropriate tax legislation.’’
“It is, therefore, our projection to generate the sum of N95 billion as IGR in 2023, representing 17 per cent of the total projected revenues for the year.”
Okowa said the IGR estimate for 2023 is higher than that of 2022 by N15 billion, with a proposed growth rate of 19 per cent.
He said; “The state government will also strengthen the relevant institutions of the state responsible for sustaining the reforms and gains of the Fiscal Transparency, Accountability and Sustainability programme of the World Bank which has recorded tremendous improvements in our financial administrative processes.”

 

 

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