The Edo State Governor Godwin Obaseki has presented a budget of N325.3 billion for 2024 to the House of Assembly for approval, while two percent each was also allocated to climate and environment issues, electricity, youths and agriculture
Penpushing reports that Obaseki explained that the budget was made up of N178 billion capital expenditure and N146 billion recurrent expenditure, and that it was slightly higher than that of 2023 which was N321.4 billion.
The Governor added that the total projected revenue for 2024, was N303 billion, consisting of N55 billion statutory allocations from the Federation Account; VAT, N38 billion; Capital receipts, 40 billion, Internally Generated Revenue, N72 billion; and N10 billion from grants.
Penpushing further reports that Obaseki explained that the balance would be sourced from development financing and financial institutions, stating that the revenue estimate for the budget was based on a 65 dollars per barrel benchmark for crude oil and average daily production of 1.6 million barrels per day as well as an increase in Internally Generated Revenue to N72 billion.
“A total of 25 per cent of the total budget (N85 billion) would be allocated to areas that would stimulate growth and employment while 19 per cent (N62.8 billion) would allocate to infrastructure, particularly roads’, he said.
‘Others are, 10 per cent (N33.6) allocated to health, 16 per cent to other government activities, 10 per cent of the total budget (32.2 billion) allocated to education, seven per cent (N21 billion) allocated to building, and Social welfare five per cent (N16 billion)’, Obaseki stated
Penpushing also reports that the Speaker of the House of Assembly Rt Hon Blessing Agbebaku, receiving the budget promised that the lawmakers would look at the budget carefully to ensure it was in line with the 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 to meet the yearnings and aspirations of our constituents’, the speaker said.
Penpushing reports that the number one lawmaker in the state, however, urged all MDAs to provide the house committees with necessary documents that would aid the speedy passage of the budget.
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