The Delta State Government has lamented the rate of inflation in the country, budgeting N459 billion for the 2023 financial year.
The State Commissioner for Economic Planning, Mr. Barry Gbe, stated this on Monday during bilateral meeting on 2023 budget draft in Asaba.
He said, “We are in a sorry situation now, the rate of inflation, Russia/Ukraine war and subsidy payment are badly affecting Nigeria economy and that of the state.
“The situation has affected our 2022 budget. What we are expressing from January till date is upward review of contract awarded.
“The inflation will definitely affect the state 2023 budget. It had also affected our 2022 budget.
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“Therefore, we in Delta state have adopted macroeconomic method set by federal government and using I.6 per barrel, 70 benchmark and dollar rate of N410.
“The N459.2 billion is indicative figure to present to State Executive Council as draft before the governor will present it to State House Assembly as a bill.”
Gbe noted that the 2023 budget would only focus on existing projects, saying that Okowa’s administration would not award a new contract.
He stated that part of 2023 budget would be used to reduce debt stock of the state as to make it easy for the incoming government.