The Governor of Edo State, Godwin Obaseki, presented a N325.3 billion budget for the year 2024 to the Edo State House of Assembly on Tuesday. Themed “Budget of Home Run and Finishing Strong,” this marks the final budget presentation by Governor Obaseki as the state prepares for a governorship election in February next year.
Breaking down the budget, Obaseki outlined that it consists of N178 billion in capital expenditure and N146 billion in recurrent expenditure, slightly exceeding the N321.4 billion allocated in 2023. Anticipated revenue for 2024 is projected at N303 billion, encompassing 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 funds are expected to be sourced from development financing and financial institutions.
Governor Obaseki highlighted that the revenue estimate is based on a $65 per barrel benchmark for crude oil, an average daily production of 1.6 million barrels per day, and an increase in IGR to N72 billion.
Allocations within the budget include 25% (N85 billion) for areas stimulating growth and employment, 19% (N62.8 billion) for infrastructure, particularly roads, 10% (N33.6 billion) for health, 16% for other government activities, 10% (N32.2 billion) for education, and 7% (N21 billion) for building and social welfare. Additionally, 2% each was allocated to climate and environment issues, electricity, youths, and agriculture.
Upon receiving the budget, the Speaker of the House, Blessing Agbebaku, pledged a careful review to ensure alignment with promises to stimulate the economy. He committed to meticulous consideration alongside the budget committee of the house to uphold a commitment to boost 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,” added Speaker Agbebaku.