Delta State Executive Council (EXCO) meeting, presided over by Governor Ifeanyi Okowa, on Thursday, approved a budget size of N469.4 billion for the 2022 fiscal year.
The Commissioner for Economic Planning, Dr. Barry Pere-Gbe who disclosed this in a post-Exco press briefing at Government House, Asaba, said the approval was in line with the state fiscal responsibility law.
Dr. Pere-Gbe said after a thorough review of the N425 billion indicative budget size earlier proposed by his ministry, Exco had a fairer view of what the 2022 budget size should look like.
He pointed out that the approved budget was more than what his ministry had earlier proposed in Medium Term Expenditure Framework and the Fiscal Strategy Paper (MTEF and FSP), adding that it was the MTEF and FSP that determines the budget size.
“After a review of the indicative budget size we were able to have a fairer view of what the budget size should look like. It was to a large extend, more than what we proposed in the MTEF and FSP,” he said.
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While saying that the N469.4 billion budget estimate of the state was cut out from the MTEF, the Economic Planning Commissioner said resolved to grow the Internally Generated Revenue (IGR) of the state grow the IGR from N75 billion to N80 billion
“We have to grow the IGR from N75 billion to N80 billion. We increase our assumptions around the capital receipts and borrowing to sufficiently fund our expenditure side.
“We will fund facilities in the new universities, facility procurement in the Ministry of Health, as well as do procurement and funding contract around technical education ministry.
“We will be doing a whole lot around education generally (higher and basic) and also roads.