Delta State governor, Ifeanyi Okowa, on Tuesday presented a budget proposal of N265.6 billion for 2016 to the state House of Assembly.
N153.6 billion was earmarked for Recurrent Expenditure, while Capital Expenditure is for N112.5 billion.
The budget christened, “Budget of Renewed Hope and Inclusive Development’’, showed a marginal increase of N12.7 billion when compared to the 2015 amended budget of N252.9billion.
The governor said his administration was determined to stablise the revenue of the state by broadening the tax base, following the current slide in oil price.
He said: “As a result, we have proposed to earn N75.3 billion as revenue receipts from Internally Generated Revenue (IGR) in 2016.
“The sum of N137.9 billion is expected from Statutory Allocation from the Federation Account in the 2016 fiscal year.
“The proposal for capital receipts for 2016 have been scaled down from N59.1 billion in the 2015 revised budget to N42.1 billion in 2016.’’
Okowa said that expected revenue from Value Added Tax (VAT) was N10.2 billion, while other capital receipts would be NN42.1 billion