On Tuesday, Governor Godwin Obaseki of Edo State presented the 2024 fiscal year budget amounting to N325.3 billion to the state House of Assembly for consideration and approval.
Obaseki outlined that the budget comprises N178 billion for capital expenditure and N146 billion for recurrent expenditure. The total projected revenue is estimated at N303 billion, encompassing N55 billion from statutory allocations, N38 billion from VAT, N40 billion from capital receipts, N72 billion from internally-generated revenue, and N10 billion from grants.
The governor mentioned that the deficit would be covered through development financing and financial institutions. He emphasized the allocation of 25% (N85 billion) of the total budget to areas fostering growth and employment, with 19% (N62.8 billion) designated for infrastructure, particularly roads.
Further breakdown indicated that 10% (N33.6 billion) would be allocated to health, 16% to other government activities, 10% (N32.2 billion) to education, and 7% (N21 billion) to building, while social welfare would receive 5% (N16 billion).
The Speaker of the House, Blessing Agbebaku, assured that the assembly would meticulously review the budget estimates, prioritizing its commitment to stimulating the economy. He highlighted the significance of allocating funds for constituency projects to enable members to meet the expectations and needs of their constituents.
