Delta to spend N561.8bn in 2023, Okowa laments Nigeria’s debt

The Delta State Governor, Ifeanyi Okowa, has presented N561.8bn 2023 budget estimate at the State House of Assembly, decrying the level of Nigeria’s debt

Okowa who presented the budget christened, ‘Budget of Hope,’ decried the level of Nigeria’s dept, saying the debt hanging over the nation was huge.

He said, “The projected budget for 2023 fiscal year is N561,820,596,524, showing an increase of 17 per cent from 2022 Budget.

“However, we should not be under any illusions whatsoever that it is going to be smooth sailing. The national economic and fiscal outlook is anything but cheering.

“The economy faces fiscal instability arising from huge debt overhang, runaway inflation, massive exchange rate depreciation, record-high subsidy costs, high interest rates, insecurity, and food crisis.

“As I speak now, Nigeria is not as united as she ought to be; there are still voices of anger and some are hiding inside and the economy is not at its best worldwide particularly in Nigeria.

“Now that we are going into electioneering period, it is difficult to get investors because of the uncertainty of the election arising from insecurity.

“Benchmark oil price of 70 US Dollars per barrel; daily oil production benchmark of 1.69 million barrels, exchange rate of N435.57 per US Dollar; and GDP growth projected at 3.75 per cent and inflation closing at 17.16 per cent.”

Okowa explain further that Recurrent Expenditure stood at N235,208,340,101, which represented 42 per cent the total expenditure while Capital Expenditure of N326,612,256,423 represented 58 per cent of the total expenditure budget and an increase of N82,878,785,613 or17 per cent growth from the 2022 Budget.