Governor Uduaghan of Delta state yesterday presented a budget proposal of N327.68bn to the state House of Assembly for approval for 2015.
The proposal is made up of recurrent estimates of N161.6bn and capital estimates of N166.07bn.
Due to the fall in oil price, the 2015 budget is lower than that of 2014 by N123.05bn.
A breakdown of the budget showed that N50.32bn would go to the economic sector, N34bn has been voted for the Delta State Oil Producing Areas Development Commission while N68.53bn of the recurrent estimates was allocated to personnel costs, N51.33bn for overhead costs and N41.69bn set aside for consolidated revenue charges.
The budget would be funded by statutory allocation, including mineral revenue derivation, representing 63.74 per cent while internally generated revenue would be 18.6 per cent.
Uduaghan said, “The 2015 budget is driven by the successes recorded in various sectors of the state’s economy in the past seven years up to the 2014 Budget of Consolidation, Sustainable Economic Growth and Development.
“The 2015 budget is aimed at consolidating the achievement of 2014 budget as well as completing all on-going projects and programmes that will facilitate the fulfillment of the administration’s goal of making Delta State one of the most industrialized and developed states in Nigeria by 2020.”
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