Obaseki Presents N320.35bn 2023 Budget To Edo Assembly

*Education, health, transportation, others top priorities

The Edo State Governor, Godwin Obaseki, yesterday, presented a budget estimate of N320.35 for the 2023 fiscal year to the State House of Assembly for consideration and approval.

Presenting the budget christened, ‘Budget of Reliance and Transformation’, the governor said it would engender growth in the economy of the state.

He said the budget is 69.2 percent higher than the 2022 budget, adding that it is made up of 192 billion for capital and 127 billion for recurrent expenditures and based on an inflation premises.

“The revenue estimate for the budget is based on $70 per barrel crude oil bench mark and an average production of 1.69 million daily production per day as well as an increase in the Internally Generated Revenue of N60. 4 billion due to the reforms undertaken in tax collection and land management activities.

“To this end, we expect that the capital/recurrent ration would be 60 percent capital and 40 percent recurrent.

“The budget estimate consist of 143 billion statutory allocation made up of value added tax of N42.1 billion, capital receipt N41 billion, IGR of N60.4 billion and N4 billion from grant and other sources. The balance would be sourced from development partners, financial institutions among others”, the governor stated.

Sectoral allocation of the budget showed that education got N32.9 billion; healthcare N30.2 billion; roads and transport N54.9 billion; public buildings N20.5 billion; electricity and energy N7.2 billion while agriculture received N5.4 billion among others.

Obaseki explained that the budget is informed by the need to build a resilient economy and engender growth in the state.

On his part, the speaker of the House of Assembly, Hon. Marcus Onobun, assured that the budget would received timely consideration to ensure that the economic growth and development of the state is sustained.