Delta govt pays N160.9bn out of N465.3bn debt stock

The Delta State Government says it has paid N160.9 billion out of its debt stock of N465.3 billion between January and June. The Commissioner for Economic Planning, Mr Sonny Ekedayen said this on Thursday in Asaba during a stakeholders meeting on the deliberation/preparation of the 2025 budget.

“We have substantially reduced our debt stock from N465.3 billion at the inception of this administration to N303.4 billion as at June 2024. This reduction of N160.9 billion represents approximately 25.3 per cent of the debt stock,” Ekedayen said.

Ekedayen attributed the feat to improved financial management, transparency and fiscal discipline among others.

”We have strengthened our financial management systems by ensuring better allocation and utilisation of resources through bottom-up budgeting process. We have also prioritised the needs of our people in line with global best practices.

”We have institutionalised fiscal discipline through the balanced budget approach and ensured that we are living within our means by cutting our clothes according to our cloth. We have been able to meet our expenses and maintain financial buoyancy without recourse to any borrowing, while ensuring government gets value for every naira spent through strict and regular monitoring,” he said.

According to him, the state has be able to enthrone cost control measures across board and this has ensured substantial cash savings, which are judiciously deployed to funding the infrastructural projects across the state.

The commissioner also said that the state has made some progress in its fiscal space since the inception of the present administration in the last one year.

”We have a budget of N724.9 billion for 2024 and as at mid-year, the revenue performance stood at N523.6 billion, representing a 144.4 per cent performance.

”On Recurrent Expenditure, we are at N121.8 billion out of the N316.7 billion, representing 76.9 per cent. For Capital Expenditure, government has spent N135.3 billion out of the N408.3 billion earmarked. This represents a 66.3 per cent performance,” he said.

He urged stakeholders to ensure that the 2025 budget for the state reflects the needs and priorities of the people. According to him, as we prepare for the upcoming fiscal year, let us work together to ensure that our state budget reflects the needs and priorities of our communities.

”By coming together and advocating our shared values, we can create a brighter future for all our citizens,” he said.

In his remarks, Chairman of the Traditional Rulers Council, the Orodje of Okpe, Maj.-Gen. Felix Mujakperuo (retired), urged the state government to prioritise security in the 2025 budget.

The monarch, who decried the state of insecurity in the country, said: ”when there is no security, you cannot do anything.

“Adequate security will make our people to move freely and if there is no security, our people cannot go to their farms. If our people cannot go to their farms, there will be no food. ”

The meeting was attended by traditional rulers, president-generals of communities, and Civil Society Organisations (CSOs) among others.