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Delta Debt Profile Now N207billion, Says Okowa’s Commissioner

Gov. Okowa

By Monday Osayande 

Delta state commissioner for finance, Mr Fidelis Tileje, on Wednesday hinted that the state’s debt profile is currently stands at N207billion . 

Answering questions from Journalists at a Press briefing on the 2021 Budget breakdown in Asaba, Teliji noted that the appropriation bill as presented by Governor Infeanyi Okowa to the Delta Assembly was not shrouded in secrecy. 

He said that the state can’t borrow more than 40 percent ratios of its debt profile, adding that the current debt profile of state stands at N207 billion while it debt ratio is 8.03 percent.

The Economic planning commissioner, Dr. Barry Gbe while giving the break down said that the 2021 appropration budget passed by the house of assembly was increase by N5.5billion, necessitated by the needs to increase the budgetary provision for ongoing projects and some other key capital budget needs not adequately provided for as presented to the house.

Reviewing the performance 2020 budget, the commissioner said that as part of the measure adopted by the government to respond to the corona virus pandemic in the state, the 2020 budget was amendment in order to respond appropriately to situation that prevailed.

“We prepared two budgets in year 2020 (original and revised), however, implementing only on the the revised.

“The government during the nine months between January and September 2020 recorded a total revenue of N190, 308,961,283 out of the proportionate revenue of N211,748,922,289 which translates to 89.87 percent. 

According to him,  The fiscal assumptions underpinning the 2021 budget included, Benchmark oil price of 40 US dollars per barrel, daily oil production estimate of 1.86 barrel, Exchange rate of N379 per US dollars, GDP growth projection at 3.0 percent and Inflation closing at 11.95 percent.

 

He explained further, that the key parameters that inform 2021 budget, even as the Nigeria total capacity is 2.5mbpd while the current crude production is about 1.7mbpd 

“This includes about 300,000bpd of condensate. It is therefore not out of place to anchor our projection at 1.86mbpd. 

“World Bank forecasts that crude oil prices will rise gradually from an average of US $42pd in 2021 to $44. 5pd in 2022, and US $47pd in 2023.  

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