Gov Godwin Obaseki of Edo State, on Tuesday presented a budget of ₦325.3billion for 2024 to the state House of Assembly for approval.
Presenting the budget christened ”Budget of Home Run and Finishing Strong”, Obaseki said it was made up of ₦178 billion capital expenditure and ₦146 billion recurrent expenditure. He said that the budget was slightly higher than that of 2023 which was ₦321.4bn.
Obaseki said that the total projected revenue for 2024 was ₦303 billion, consisting of ₦55 billion statutory allocations, VAT ₦38 billion, Capital receipts of 40 billion, IGR ₦72 billion and ₦10 billion from grants. He added that the balance would be sourced from development financing and financial institutions.
Obaseki stated that revenue estimate for the budget was based on a 65 dollars per barrel benchmark for crude oil and average daily production of 1.6m barrels per day as well as an increase in IGR to ₦72 billion.
“A total of 25% of the total budget (₦85 billion) would be allocated to areas that would stimulate growth and employment while 19% (₦62.8 billion) would allocated to infrastructure, particularly roads.
“Others are, 10% (₦33.6) allocated to health, 16% to other government activities, 10% of the total budget (32.2 billion) allocated to education, 7% (₦21 billion) allocated to building and Social welfare 5% (₦16 billion), 2% each was also allocated to climate and environment issues, electricity, youths and agriculture,’’ he said.
Receiving the budget, the Speaker of the House, Mr Blessing Agbebaku promised to look at it 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 meet the yearnings and aspirations of our constituents,” he added.
Agbebaku, however, urged all MDAs to provide the house committees with necessary documents that would aid the speedy passage of the budget.
NEWS AGENCY OF NIGERIA
