Delta state’s Commissioner for Economic Planning, Dr. Kingsley Emu this morning, October 23, 2017, admitted that the 2017 budget of the state government was poorly funded, attributing it all to the fall in prices of oil, crises in the Niger Delta and the mono- economy of the country.
Emu made the disclosure at a post budget presentation press briefing, coordinated by the Commissioner for Information, Mr Patrick Ukah, at the Press Unit, Government House, Asaba.
He said the three-pronged factors adversely affected the 2017 budget when it was being prepared in 2016, saying the prices of oil was stagnated at less than $30 per barrel for a long time, coupled with the raging activities of vandals and militants fighting for a better deal in the Niger Delta.
He however expressed joy that the micro economic outlook globally had changed in the last two months, saying the sub-sahara region, notably Nigeria and Angola would be key to the success of the 2.6 percent growth predicting increase in revenue earnings.
The Commissioner explained that from the 2017 budget performance, which he put at 57.5 percent, issues of job creation and micro credit financing had been addressed, noting that the outlook for the 2018 budget was positive.
“From the N298 billion proposed budget, the 49.4 percent would be devoted to recurrent expenditure while 50.9 percent would cater for capital expenditure.”
He said because the State Government had done a lot of projects that thrived on goodwill, it hoped to reflate the system with payments in 2018.
While stating that the State Government would embark on less borrowing from now, the Commissioner clarified that Delta State was among the three least indebted states in the country, citing the latest publication from the Debt Management Office (DMO).