Delta State earned N1.13 trillion in six years

JETHRO IBILEKE/Asaba

About N1.13 trillion accrued in revenue to Governor Emmanuel Uduaghan-led government of Delta State from May 2007 to September 2013.

The revenue derived from monies received from federation account, internally generated revenue and other grants received during the period under review.

Delta State Commissioner for Finance, Kenneth Opkara, who disclosed this in Asaba on Monday at a mid-term ministerial press briefing, said the grand total represented 110 percent performance out of the projected revenue estimates of N1.03 trillion.

During the six-year period, the State generated N195.975 billion from IGR, representing 74.84 percent of the targeted N261.869 billion.

Okpara further disclosed that the State government owes local contractors N38 billion as at last December.

According to him, the aggregate expenditure incurred by the state government during the period under review was N1.45 trillion, comprising N773.45 billion as recurrent and N676.13 billion as capital expenditure as against N845.38 billion and N1.18 trillion for recurrent and capital expenditure respectively.

He said the budget performance for both recurrent and capital expenditures represented 91.49 and 54.67 percent respectively, adding that N179.4 bn was disbursed to the Delta State Oil Producing Areas Development Commission (DESOPADEC) in the past six years to execute various projects in the oil producing communities across the state.

Also, the state invested N14.3 billion for the acquisition of quoted and unquoted investments as at last September while it received a dividends of N3.98billion in the last six years. It also received N120million grant from the State Employment and Expenditure for Results (SEEFOR) for the development of six technical schools, out of which N20million was given to each of the technical schools to fund their school improvement plan such as procurement of basic equipment, capacity building and renovation of infrastructure.

Okpara who also supervises the Ministry of Economic and Budget Planning, added that the State government invested N1.3 billion in the money market between November 2012 and June last year, and that the investment has already yielded N119million profit while additional N102.1million profit is being expected by June.

He however disclosed that the State’s 7.5 percent public servants pension contributions fund has increased to N11.180 billion as at last June just as the state government secured N50 billion infrastructural development bond programme to execute various projects across the state in 2011.

The commissioner added that the sum of N2.5 billion has been approved by the state government to re-capitalize Delta Trust Mortgage Finance limited to provide long term mortgage financing for Deltans.

Okpara said the state government has released N500 million as counterpart funding with the Bank of industry for onward lending to the small and medium scale enterprises in the state.