Okowa, while presenting the budget, Christened “Budget of inclusive growth and accelerated development” to the state Assembly in Asaba, showed an increase of N85.54 billion over that of 2021 approved budget of N383.9 billion.

He said that the increase was based on anticipated exchange rate gains, an increase in Value Added Tax (VAT) collection, and other capital receipts.

”There is also a corresponding improvement in our Internally Generated Revenue, (IGR) which gives allowance to capture 80 percent of our ongoing projects in the budget.

“So, none of the projects we initiated is uncompleted by the time this administration completes its tenure,” he said.

Okowa said the budget was made up of N185.3 billion for Recurrent Expenditure and N284.1 billion for Capital Expenditure.

He explained that the total projected recurrent expenditure of the budget would be spent to meet the government’s financial obligations on salaries, wages, and the day-to-day running of Ministries, Departments, and Agencies (MDAs) of government.

”The capital expenditure for the 2022 budget is higher than that of 2021 by 60.5 percent and it will be utilized in funding infrastructural development, acquisition of assets, and investments in human capital expenditure.

”The increase in capital expenditure over the previous year’s approved budget once again underscores our commitment to channel more resources to the growth and productive sectors of our economy,” he said.

The governor said that the 2022 budget was targeted at the completion of ongoing projects, as well as new ones in the critical areas of need.

According to him, it will also focus on transparency and proper accountability in public expenditure so that citizens can always get value for money in all projects and programmes of government.

Okowa said the budget would be funded from the regular revenue sources including opening balance from the previous year, statutory allocation, 13 percent oil mineral fund, taxes, and non-tax revenue fees, fines, permits, rents, interests, among others.

He reiterated that his administration would continue to give intensive taxpayer education, as well as make improvements in tax audits and enforcement to boost the IGR of the state.

On the implementation of the 2021 budget, he noted that the state received the sum of N220.6 billion during the first eight months of the year as against the expected proportionate revenue of N255.9 billion.

According to him, this represents 86 percent budget performance, which is a good score in the face of the current uncertainties in the economy.

”Out of this amount, the sum of N45.73 billion was generated as IGR against the proportionate figure of N43.75 billion which represents 105 percent budget performance,” he said.

Okowa, however, noted that the 2022 budget would be the last to be implemented by his administration.

He reiterated that his administration would be careful to pursue a prudent policy stance that would entrench efficient spending, curb waste, engender inclusiveness in order for him to deliver excellently.

The Speaker of the State House of Assembly, Chief Sheriff Oboriovwori, commended Okowa for his transparent and accountable system of government.

He assured him of speedy consideration of the Appropriation Bill.