Obaseki Unveils Ambitious N325.3 Billion 2024 Budget at Edo Assembly

Edo State Governor Godwin Obaseki presented the 2024 budget, totaling N325.3 billion, to the Edo State House of Assembly. Named the “Budget of Home Run and Finishing Strong,” this marks Obaseki’s final budget presentation as governor, with a gubernatorial election scheduled for February next year.

The budget comprises N178 billion for capital expenditure and N146 billion for recurrent expenditure, slightly surpassing the N321.4 billion allocated in 2023. Obaseki outlined the anticipated revenue for 2024, amounting to N303 billion, with components such as N55 billion from statutory allocations, N38 billion from VAT, N40 billion in capital receipts, N72 billion from IGR, and N10 billion from grants. The remaining funds will be sourced from development financing and financial institutions.

Governor Obaseki explained that the revenue estimate is based on a crude oil benchmark of $65 per barrel and an average daily production of 1.6 million barrels. The IGR is projected to increase to N72 billion.

Breaking down the budget allocation, Obaseki highlighted that 25% (N85 billion) is allocated to areas promoting growth and employment, while 19% (N62.8 billion) is earmarked for infrastructure, specifically roads. Other allocations include 10% (N33.6 billion) for health, 10% (N32.2 billion) for education, 16% for other government activities, 7% (N21 billion) for building and social welfare, and 2% each for climate and environment issues, electricity, youths, and agriculture.

Upon receiving the budget, Speaker Blessing Agbebaku committed to a careful review alongside the budget committee to ensure alignment with economic stimulation promises. He emphasized the legislative arm’s anticipation of the 2024 budget, highlighting its inclusivity of constituency projects to meet the aspirations of constituents. The Speaker pledged meticulous scrutiny to uphold the commitment to economic revitalization.