Diri Presents ₦1.24 Trillion 2027 Budget, Allocates 68% to Capital Projects

ARTICLE

Bayelsa State Governor, Douye Diri, has presented a proposed ₦1.24 trillion budget for the 2027 fiscal year to the State House of Assembly, with about 68 per cent of the total expenditure earmarked for capital projects.

The appropriation bill, tagged “2027 Budget of Assured Prosperity and Sustainable Growth and Development,” stands at ₦1,242,688,970,520.22.

Presenting the proposal before lawmakers in Yenagoa, Diri allocated ₦840.79 billion to capital expenditure and ₦401.90 billion to recurrent expenditure.

The proposed budget represents an increase of approximately 22 per cent over the state’s 2026 appropriation.

Explaining the economic assumptions behind the estimates, the governor said the budget was based on an oil price benchmark of $60 per barrel, crude oil production of 1.8 million barrels per day and an exchange rate of ₦1,400 to the dollar.

Other projections include an inflation rate of 18 per cent and economic growth of 3.5 per cent.

Diri said the assumptions would guide the state’s fiscal planning, while acknowledging the risks associated with fluctuations in the international oil market.

“These are assumptions, and these assumptions provide the basis for the planning, while recognising the risks of oil market volatility,” the governor told lawmakers.

Works and Infrastructure Gets Largest Allocation

A breakdown of the proposed sectoral allocations shows that the Ministry of Works and Infrastructure received the largest share, with ₦422.84 billion.

The Ministry of Education was allocated ₦126.97 billion, while Sports Development received ₦68.50 billion.

Other allocations include ₦53.32 billion for Health, ₦24 billion for Security, ₦22.94 billion for Public Utilities and ₦17.74 billion for Agriculture.

The substantial allocation to infrastructure reflects the administration’s focus on road construction, bridges and improved connectivity, particularly for communities in Bayelsa’s riverine areas.

The governor said achieving the state’s development priorities would require sustained investment and effective management of available resources to improve residents’ living conditions.

Assembly Begins Budget Consideration

Receiving the appropriation bill, Speaker of the Bayelsa State House of Assembly, Abraham Ingobere, assured the governor that lawmakers would give the proposal prompt consideration.

Ingobere said the Assembly would examine the economic assumptions and proposed allocations to determine whether the estimates were realistic and achievable.

He also announced that ministries, departments and agencies would be invited to defend their respective budgetary provisions before lawmakers.

“We shall immediately commence consideration of the bill. I am inviting ministries, departments and agencies to defend their respective allocations,” the Speaker said.

He reaffirmed the legislature’s commitment to a transparent and accountable budget process and assured the governor that the House would work towards the timely passage of the appropriation bill.

The proposed ₦1.24 trillion budget will now undergo legislative scrutiny before it can be passed into law.