Executive Chairman of Aniocha North Local Government, Delta State, Hon Kevin Okwechime has presented the Local Government draft Budget estimate for 2024.
Hon Okwechime on Thursday December 21, 2023 presented the Budget to the Legislative Arm of the Local Government at its resumed sitting, presided over by the Leader, Hon. Jude Chukwunwike Okonkwor.
Presenting the budget estimate of Five Billion, Nine Hundred and Twenty Nine Million, Three Hundred and Forty Seven Thousand, One Hundred and Twenty Seven Naira (N5, 929,347, 127. 00), tagged, “Budget of Consolidation, Okwechime said with the budget the Local Government will strive to consolidate on their strategic development plan.
He revealed that the Budget was prepared in compliance with the International Public Sector Accounting Standard (IPSAS) as obtainable at the Federal and State level.
“The Budget therefore stands as a pedestal and fundamental guide for the implementation of the financial plans for the Local Government.” he noted.
He said a review of the out-going year 2023 Budget showed an average budget performance and attributed it to the increase in the statutory Federal Allocation, arising from the removal of fuel subsidy from the oil sector of the economy.
The Council Chairman also attributed the average performance of the 2023 budget to the marginal increase, witnessed in the economy, made possible by the appreciable Value Added Tax (VAT).
According to the Council boss, from the total budget estimate, Five Billion Naira (5, 000, 000, 000. 00) is expected from Statutory Federal Allocation while Nine Hundred and Twenty Nine Million Three Hundred and Forty Seven Thousand, One Hundred and Twenty Seven Naira (N929, 347, 127.00) is being expected from the internally Generated Revenue of the Council.
He further explained to the Local Government Legislators that the total Budget estimate comprised the sum of N3, 307,127.00 as recurrent expenditure and the sum of N2, 622, 000,000.00 as the capital expenditure.
He revealed that the deficit, if any, is expected to be funded by domestic borrowing if approved by the Legislative Arm of the Local Government, even as he expressed the hope that the Budget will be given accelerated passage by the Legislators.
Receiving the Draft Budget estimate on behalf of the Legislative Arm, the Leader, Hon Jude Okonkwor, commended the Council Chairman for the early presentation of the Local Government 2024 Budget .
He said with the early presentation of the budget coupled with the explanation given by the Chairman, it becomes obvious that the Local Government area is out for better days in 2024.
While assuring quick passage of the budget, Hon Okonkwor however, expressed hope that the Executive under the leadership of Hon. Kevin Okwechime would implement the budget when it is approved by the Legislative Arm.
