Delta State government has said the Russia-Ukraine war has negatively impacted cash flow to Third World countries like Nigeria; making it difficult for State government to meet with its contractual obligations.
The State government noted that the situation has compelled it to conduct a review of its projects.
Commissioner for Economic Planning Barry Gbe made this known as the State government began bilateral engagement with its Ministries, Departments and Agencies (MDAs) on its proposed budget of N459b for the year 2023 in Asaba.
He said the lessons of the 2022 budget will be a sort of guide in planning the budget of the coming year.
Gbe further explained that Delta State government cannot afford to run with the macroeconomic framework of 2022 but would plan setting up another set of economic framework by being modest in its projection.
Also Read: Delta State Govt proposes N459 billion budget for 2023
He said going by current level of vandalism, oil theft and other indices, the state is looking at production benchmark of 1.6 million barrels per day at 70 USD bearing in mind that the average for this year is 107USD.
The Commissioner said there would be a drop in the government’s net financing from #46bn to #15bn so as to reduce the debt stock of the state, through this he said revenue would be raised to fund the proposed budget.
Commissioner for Information, Charles Aniagwu whose ministry was first to open the floor of the 2023 budget defence commended the Barry Gbe led Ministry of Economic planning for keeping alive the aspirations of Governor Okowa’s commitment to kick-start the process of the state budget in good time.
Aniagwu said his ministry will be up to date and bring the needed positive changes in the State government owned organs of information dissemination.
( Editor, Omor Bazuaye)
