Governor Godwin Obaseki presented a budget of N325.3 billion for 2024 to the Edo House of Assembly for approval on Tuesday.

Presenting the budget tagged ‘Budget of Home Run and Finishing Strong’, Mr Obaseki said it comprised N178 billion in capital expenditure and N146 billion in recurrent expenditure.

He said the budget was slightly higher than 2023, which was N321.4 billion.

Mr Obaseki said that the total projected revenue for 2024 was N303 billion, consisting of N55 billion in statutory allocations, VAT of N38 billion, capital receipts of 40 billion, internally generated revenue of N72 billion, and N10 billion from grants.

He added that the balance would be sourced from development financing and financial institutions.

Mr Obaseki stated that the revenue estimate for the budget was based on a $65 per barrel benchmark for crude oil, an average daily production of 1.6 million barrels per day, and an IGR increase 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 per cent (N62.8 billion) would be allocated to infrastructure, particularly roads,” the governor explained. ‘’Others are 10 per cent (N33.6) allocated to health, 16 per cent to other government activities, 10 per cent of the total budget (N32.2 billion) allocated to education, seven per cent (N21 billion) allocated to building and five per cent (N16 billion) allocated to social welfare.”

Mr Obaseki added, “Two per cent each was also allocated to climate and environment issues, electricity, youths and agriculture.”

Upon receiving the budget, the speaker of the parliament, Blessing Agbebaku, promised to look at it carefully to ensure it was in line with the promise to stimulate the economy.

“The 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,” said Mr Agbebaku. 

Mr Agbebaku, however, urged all MDAs to provide the house committees with the necessary documents to aid the speedy passage of the budget.

(NAN)