Nigeria: Okowa Presents N270.9 Billion As 2017 Budget Estimates

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Asaba — Governor Ifeanyi Okowa of Delta State on Thursday presented budget estimates totalling N270.9 billion for the 2017 fiscal year with a plea to all government functionaries to make fiscal discipline their watchword in the administration's strive to minimize the effects of the current economic recession on its development blueprint.
The figure represents an increase over the 2016 total figure of N268 billion approved budget for January to September 2016 period.
The 2017 estimates are N151.909 billion or 56.0% as recurrent expenditure and N119.001 or 43.94% as the capital expenditure proposed for next year.
According to the governor, "The 2017 budget proposal shows a slight increase of N2.731bn or 1.02%, compared to the 2016 approved budget of N268.179.
Presenting the budget proposal christened: "Budget of Fiscal Consolidation and Steady Progress" to a full session of the Delta State House of Assembly led by the Speaker, Hon Monday Igbuya, Dr Okowa noted that the 2017 budget estimates were prepared with unalloyed impetus in spite of the present economic downturn in the country.
The governor said that he was making the presentation of the proposal, which is slightly above the january-September 2016 budget "with unwavering confidence in our ability to navigate our way out of the current economic challenges and move the economy of the state towards growth, inclusion, social cohesion and prosperity for all."
A further breakdown of the 2017 budget puts expected receipts as N137.948 billion from statutory allocation including mineral revenue derivation or the so-called 13 percent derivation fund.
The internally generated revenue (IGR) figure for 2017 is N70, 165, 959,503 as against the proposed figure of N75,398,226,742 for the 2016 fiscal period, due to the aforementioned negative effects of militancy.
A little over NN10.218 billion is the expected revenue from Value Added Tax (VAT) while estimated revenue from other capital receipts is N44.613 billion representing about 15.24 % of the total expected revenue figure.
Okowa lamented the fact that Delta State has been worst hit by the resurgence of militant activities in the Niger-Delta.
He said the resultant dip in the state's oil production quota has forced Delta State down to fourth place among the oil producing states, from the second place it hitherto occupied, in addition to triggering a drop in the internally generated revenue.

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