Delta State government is estimating the sum of N459.2 billion for its 2023 budget hoping to concentrate more on the completion of ongoing projects.
The state Commissioner for Economic Planning, Dr Barry Gbe who disclosed this at the commencement of budget defence by ministries, departments and agencies (MDAs) in Asaba on Monday said the indicative figure is subject to change.
According to the commissioner, the spiralling inflation and high exchange rate in the country had adversely affected the state contractual obligations as there was an avalanche of requests for an upward review of the contract sum of ongoing projects, which he said would be considered in the 2023 budget.
On the projected budget being based on global oil price, Gbe said, “While the current price of oil stands at 107 per barrel as to 57 dollars per barrel as at 2022. We will organize the budget on a benchmark of 70 dollars per barrel in the advent of a fall in oil prices.”
He said the budget would also be used to pay outstanding loan interest of banks that are credited to the state.
“We do not want to leave a huge debt profile for incoming administration by May 2023,” he asserted.
Dr Gbe noted that the Russian and Ukrainian war was positively affecting the fortune of the country somehow as more countries buy the nation’s crude adding that the huge oil subsidy had however drained the gains of the deal.
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Delta projects N459bn budget… Delta projects N459bn budget…
and then