Bayelsa State Governor, Senator Douye Diri, has presented a proposed budget of N1.24tn for the 2027 fiscal year, saying 68 per cent of the total expenditure was meant for capital projects.
Governor Diri, while presenting the budget proposal at the floor of the Bayelsa state House of Assembly on Tuesday in Yenagoa, the state capital, stated that within the fiscal year, the state will target 100 megawatts of electricity supply, to add with the already 60 megawatt gas turbine supplying power to the state.
He explained that the budget, christened the ‘Budget of Assured Prosperity and Sustainable Growth and Development’ is designed to consolidate infrastructure development, improve public services and stimulate economic activities across the state.
He said the capital expenditure would gulp N840,791,394,666.69, representing approximately 68 per cent, while recurrent expenditure will stand at N401,897,575,853.53, representing 32 per cent of the total budget.
Governor Diri further explained that the budget was based on an oil benchmark of $60 per barrel, crude oil production of 1.8 million barrels per day and an exchange rate of N1,400 to the dollar.
He said other economic assumptions include projected inflation of 18 per cent and Gross Domestic Product growth of 3.5 per cent.
He said: “Of the total amount of N1,242,688,970,520.22,
N840,791,394,666.69, representing approximately 68 per cent, is proposed for capital expenditure, while recurrent expenditure is N401,897,575,853.53, representing approximately 32 per cent of our budget.
He said the proposed budget was approximately 22 per cent larger than the 2026 budget, adding that the government would ensure that more resources were channelled into projects with direct benefits to residents.
He said the Works and Infrastructure will receive the largest allocation of N422.84 billion, followed by Education with N126.97 billion.
He added that Sports Development was allocated with N68.50 billion, Health received N53.32 billion, Security got N24 billion, Public Utilities N22.94 billion, while Agriculture received N17.74 billion.
Governor Diri also revealed that the N68.50 billion allocation to sports development would support the completion of the state’s 30,000-capacity stadium before the end of his administration.
The Speaker of the State House of Assembly, Rt. Hon. Abraham Ingobere, represented by the Deputy Speaker, Hon. Michael Ogbere, commended Governor Diri for the timely presentation of the budget, assuring that the Assembly would give the proposal the necessary consideration, with a view to ensuring its passage.
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