On Tuesday, Governor Godwin Obaseki of Edo State introduced a N325.3 billion 2024 Appropriation Bill to the House of Assembly for their approval.
Titled ‘Budget of Home Run and Finishing Strong,’ the budget comprises N178 billion for capital expenditure and N146 billion for recurrent expenditure. Obaseki noted a slight increase from the previous year’s budget of N321.4 billion.
The projected revenue for 2024 stands at N303 billion. This includes N55 billion from statutory allocations, N38 billion from VAT, N40 billion from Capital receipts, N72 billion from IGR, and N10 billion from grants. To fill the remaining gap, development financing and financial institutions will be utilized.
Governor Obaseki outlined that the revenue estimates are based on several factors: a $65 per barrel benchmark for crude oil, an anticipated average daily production of 1.6 million barrels per day, and a projected increase in IGR to N72 billion.
‘’A total of 25 per cent of the total budget (N85 billion) would be allocated to areas that would stimulate growth and employment while 19 percent (N62.8 billion) would be allocated to infrastructure, particularly roads.
‘’Others are, 10 per cent (N33.6) allocated to health, 16 per cent to other government activities, 10 percent of the total budget (32.2 billion) allocated to education, seven per cent (N21 billion) allocated to building and Social welfare five per cent (N16 billion).
‘’Two per cent each was also allocated to climate and environment issues, electricity, youths and agriculture,’’ he said.
Receiving the budget, the Speaker of the House, Mr Blessing Agbebaku, promised to look at it carefully to ensure it was in line with the promise to stimulate 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 meet the yearnings and aspirations of our constituents,” he said.
Agbebaku, however, urged all MDAs to provide the house committees with necessary documents that would aid the speedy passage of the budget.
