Delta State Government in South-South Nigeria says the Russia-Ukraine war has negatively impacted cash flow to developing countries which at the same time affected its contractual obligations hence the upward review of its projects.
Commissioner for Economic Planning, Barry Gbe stated this as Ministries, Departments and Agencies, MDAs begin preparation for the 2023 proposed budget of N459 billion in Asaba, the state capital. He said the lessons of the 2022 budget will guide in planning for the budget of the coming year.
Gbe in his presentation said Delta State Government cannot afford to run with the macro-economic framework of 2022 but would plan setting up another set of economic framework by being modest in its projection.
According to him going by the ongoing vandalism, oil theft and other indices, the State Government is looking at production benchmark of 1.6 million barrels per day at $70 bearing in mind that the average for this year is $107.
The Commissioner said there would be a drop in the government’s net financing from N46 billion to N15 billion so as to reduce the debt stock of the state. With 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 Ifeanyi Okowa to kick-start the process of the state budget in good time
Aniagwu added that his Ministry’s desire is to be up to date and at the same time bring the needed positive changes in the State Government owned organs of information dissemination.
(Editor: Terverr Tyav)
