Obaseki presents 2024 budget of N325.3bn for Edo State

Admin I Tuesday, Dec, 05, 2023

 

BENIN, Edo, Nigeria – Governor Godwin Obaseki of Edo State presented a budget of N325.3bn for the 2024 fiscal year to the Edo State House of Assembly. This marks a slight increase from the N320bn budgeted in 2023.

The budget, named “Budget of Home Run, Finishing Strong,” outlines a capital expenditure of N178 billion, with recurrent expenditure set at N146 billion.

Governor Obaseki highlighted that the projected revenue for 2024 is estimated at N303 billion. This comprises N55 billion in statutory allocations, N38 billion from VAT, N40 billion in capital receipts, N72 billion from IGR, and N10 billion from grants. The remaining balance is planned to be sourced from development financing and financial institutions.

The revenue estimates for the budget are based on a benchmark of $65 per barrel for crude oil, an average daily production of 1.6 million barrels per day, and an anticipated increase in IGR to N72 billion.

Allocation within the budget includes 25 percent (N85 billion) for sectors focusing on growth and employment stimulation, 19 percent (N62.8 billion) for infrastructure, particularly roads, 10 percent (N33.6 billion) for health, 16 percent for other government activities, 10 percent (N32.2 billion) for education, 7 percent (N21 billion) for building, and 5 percent (N16 billion) for social welfare.

Additionally, two percent is allocated to each of the following sectors: climate and environment issues, electricity, youths, and agriculture.

Upon receiving the 2024 budget proposal, the Speaker of the House, Rt. Hon. Blessing Agbebaku, assured a thorough review to ensure it effectively stimulates the economy.

He emphasized the budget’s inclusivity of constituency projects to meet the aspirations of constituents and urged all Ministries, Departments, and Agencies (MDAs) to provide necessary documents to aid in the swift passage of the budget.