In a session held on Tuesday, Governor Godwin Obaseki of Edo State unveiled the N325.3 billion 2024 Appropriation Bill before the House of Assembly, seeking their approval for the fiscal plan.
Dubbed the ‘Budget of Home Run and Finishing Strong,’ the proposal comprises N178 billion for capital expenditure and N146 billion for recurrent expenditure.
Governor Obaseki highlighted that the budget reflects a slight increase from the previous year, standing at N321.4 billion in 2023.
The total projected revenue for 2024 is estimated at N303 billion, with key components including N55 billion from statutory allocations, VAT contributing N38 billion, Capital receipts amounting to N40 billion, IGR reaching N72 billion, and N10 billion sourced from grants.
The remaining balance is expected to be secured through development financing and financial institutions.
The revenue estimates are based on a crude oil benchmark of $65 per barrel, an average daily production of 1.6 million barrels, and an anticipated rise in IGR to N72 billion.
Governor Obaseki outlined the budget allocation strategy, emphasizing that 25% (N85 billion) is earmarked for sectors fostering growth and employment. Infrastructure, particularly roads, will receive 19% (N62.8 billion), while health, education, social welfare, and other government activities will be allocated 10%, 10%, 5%, and 16%, respectively.
Furthermore, specific areas such as climate and environment, electricity, youths, and agriculture will each receive a 2% allocation. Speaker of the House, Mr Blessing Agbebaku, assured a thorough review of the budget to ensure alignment with the commitment to stimulate the economy.
He emphasized the special significance of the 2024 budget, as it incorporates constituency projects to address the needs and aspirations of constituents.
Agbebaku urged all Ministries, Departments, and Agencies (MDAs) to promptly provide necessary documents for a swift budget passage.
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