OBASEKI PRESENTS N325.3BN BUDGET PROPOSAL FOR 2024 TO EDO ASSEMBLY 06-12-23
By Sadiq Aminu Edo State Governor, Mr Godwin Obaseki has presented a budget size of N325.3billion appropriation bill for 2024 to the State House of Assembly.
The budget, christened Budget of Home Run, Finishing Strong, is slightly higher than 2022 budget, which was N321.4bn
Governor Obaseki while presenting the budget stated that the capital expenditure was N178 billion, while Recurrent expenditure would be N146 billion.
He 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 explained that the balance would be sourced from development financing and financial institutions.
Governor Obaseki also observed that revenue estimates for the budget was based on a $65 per barrel benchmark for crude oil with 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 stimulate growth and employment while 19 percent (N62.8 billion) would be 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, seven percent (N21 billion) allocated to building and Social welfare, five percent (N16 billion)
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, Mr Blessing Agbebaku promised to look at the budget estimates carefully to ensure it was tailored towards stimulating 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 to meet the yearnings and aspirations of our constituents,” he said.
Mr Agbebaku, however, urged all MDA’s to provide the house committees necessary documents that would aid the speedy passage of the 2024 budget.