Governor Godwin Obaseki of Edo State, on Tuesday, presented a budget of N325.3 billion for 2024 to the House of Assembly for approval.
Mr Obaseki said 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 total projected revenue for 2024, according to Mr Obaseki, 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.
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 1.6 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 allocated to infrastructure, particularly roads.
“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)
“Two per cent each was also allocated to climate and environment issues, electricity, youths and agriculture,” he said.
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Receiving the budget, the Speaker of the House, Blessing Agbebaku, 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,” he said.
Mr Agbebaku, however, urged all MDAs to provide the house committees with necessary documents that would aid the speedy passage of the budget.
(NAN)
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