Edo State Governor, Godwin Obaseki has presented a N325.3 billion 2024 Appropriation Bill to the House of Assembly for approval on Tuesday.
Presenting the budget christened ‘Budget of Home Run and Finishing Strong’, Obaseki explained that it was made up of N178 billion capital expenditure and N146 billion recurrent expenditure.
He said that the budget was slightly higher than that of 2023 which was N321.4 billion.
Obaseki notes that the total projected revenue for 2024 was 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.
the governor stated that the revenue estimate for the budget was based on a 65 dollars per barrel benchmark for crude oil and average daily production of 1.6m barrels per day as well as an increase in IGR to N72 billion.
“A total of 25 percent of the total budget would be allocated to areas that would stimulate growth and employment while 19 percent would be allocated to infrastructure, particularly roads.
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“Others are, 10 percent allocated to health, 16 percent to other government activities, 10 percent of the total budget allocated to education, seven percent allocated to building and Social welfare five percent.
“Two percent 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 said.
Agbebaku, 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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