The Edo State Governor, Mr. Godwin Obaseki, on Tuesday presented a N325.3bn budget to the Edo State House of Assembly for the 2024 fiscal year, which is a slight increase from the N320bn budgeted for the year 2023.
Presenting the budget christened “Budget of Home Run, Finishing Strong” to the Assembly in Benin City, Governor Obaseki said that the capital expenditure would take N178 billion, while recurrent expenditure would be N146 billion.
Governor Obaseki noted that the total projected revenue for 2024 was put at N303 billion, consisting of N55 billion statutory allocations, VAT N38 billion, capital receipts of N40 billion, IGR N72 billion, and N10 billion from grants.
He added that the balance would be sourced from development financing and financial institutions.
Governor Obaseki stated that revenue estimates for the budget was based on a $65 per barrel benchmark for crude oil and average daily production of 1.6m barrels per day as well as an increase in IGR to N72 billion.
According to him, 25 percent of the total budget (N85 billion) would be allocated to areas that would stimulatwth and employment while 19 percent (N62.8 billion) would allocated to infrastructure, particularly roads.
Others are: 10 percent (N33.6) allocated to health, 16 percent to other government activities, 10 percent of the total budget (32.2 billion) allocated to education, 7 percent (N21 billion) allocated to building, and 5 percent (N16 billion) to social welfare.
Two percent each was also allocated to climate and environment issues, electricity, youths and agriculture.
Receiving the 2024 budget proposal, the Speaker of the House, Rt. Hon. Blessing Agbebaku, promised to look at the budget estimates carefully to ensure it delivers on its promise to stimulate the economy.
“The year 2024 budget is special to us in the legislative arm, as it is going to be inclusive of our constituency projects to allow us meet the yearnings and aspirations of our constituents,” he said.
Agbebaku urged all MDAs to provide the house committees with necessary documents that would aid the speedy passage of the 2024 budget.
