Governor Godwin Obaseki has presented Appropriation bill of N320.35billion to the Edo State House of Assembly for consideration and approval for the 2023 fiscal year
The budget size is 69.37 percent higher than the N222billion budgeted for the outgoing 2022 fiscal year.
Obaseki while presenting the proposal christened "Budget of Resilience and Transformation"
to the State Assembly during Wednesday plenary at the Anthony Enahoro Assembly Complex in Benin City, said N192 billion had been earmarked for capital projects while N127.5 billion would be spent on recurrent expenditure.
The governor listed the focus of the budget to include education, health, road transport, buildings, agriculture, energy, and electricity which he described as economic enablers
He says the main objective of the budget estimate is to build a resilient and sustainable foundation for the reforms, initiatives, and programmes initiated by his administration in the last six years
“Our strategic goal is to utilise manufacturing, technology, agriculture, arts, culture, and entertainment as the catalyst to promote sustained investment across all sectors of the Edo economy,” he added.
Obaseki noted that the total projected revenue for 2023 is N300 billion, consisting of N144.26 billion statutory allocation, made up of Value Added Tax of N41.2 billion; Capital receipts of 46.1bn; IGR, N60.4 billion and N4 billion from grants, among others, adding, “The balance of will be sourced from development financing and financial institutions.”
According to him, “The revenue estimates for the budget is based on a $70 per barrel benchmark for crude oil and average daily production of 1.69m barrels per day as well as an increase in Internally Generated Revenue (IGR) to N60.4bn, owing to reforms in tax collection and land management activities.
“Our intention is to push for revenue and reforms in the built environment. We are committed to boosting capital spending this year. To this end, we expect a capital/recurrent expenditure ratio of 60.2 per cent to 39.8 percent respectively. This would reinvigorate the economy, providing the right impetus for the needed growth expected in the year.”
Speaker of the Edo State House of Assembly, Right Honourable Marcus Onobun while receiving the budget estimate, lauded the governor for his efforts at ensuring economic prosperity for the state
His words, “It is worthy to note that at the presentation of the year 2022 budget, you made certain commitments to the people of Edo in relation to infrastructural transformation, healthcare, education and economic development of the State.
Onobun added that the governor was able to deliver set goals of the outgoing fiscal year, despite the looming global economic crisis characterized by uncertainties
"We applaud your visionary initiatives, leadership, passion, strategic innovation, and dedication to our dear state and its people"
The speaker assured that the house would ensure proper scrutiny of the budget for the benefit of the people of the state without compromising the integrity of the house
"We will ensure that this budget proposal receives timely consideration. We will collaborate with relevant stakeholders, Ministries, Departments, and Agencies of government to deliver a budget that is exemplary; a budget that focuses on the aspirations and needs of the people of Edo State.”, he assured
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