The Edo State Governor, Godwin Obaseki, on Wednesday, presented a N320.35bn budget to the Edo State House of Assembly for the 2023 fiscal year.
Noticeable, was a 69.37 percent increase from the N222bn budgeted for the 2022 fiscal year, with N192 billion for capital and N127.5 billion for recurrent expenditure.
Obaseki presented the budget to the Assembly sitting at the Anthony Enahoro Assembly Complex in Benin City, listing education, health, road transport, buildings, agriculture, energy and electricity as well as economic enablers as the areas of focus in the 2023 fiscal year.
Guests present at the budget presentation include Edo State Deputy Governor, Rt. Hon. Comr. Philip Shaibu; Secretary to the State Government, Osarodion Ogie Esq.; Chief of Staff to the Governor, Hon. Osaigbovo Iyoha and Edo State Head of Service, Anthony Okungbowa Esq.
Others are Commissioner for Communication and Orientation, Chris Nehikhare; Commissioner for Local Government and Chieftaincy Affairs, Monday Osaigbovo; Commissioner for Business, Investment and Cooperative, Aishatu Braimoh and Commissioner for Youths and Gender Issues, Andrew Emwanta, among others.
The governor stated that the document, titled: ‘Budget of Resilience and Transformation,’ is informed by the need to “build a resilient and sustainable foundation for the reforms, initiatives and programmes that we have embarked on in the last six years.”
“Our strategic goal is to utilize manufacturing, technology, agriculture, arts, culture and entertainment as the catalyst to promote sustained investment across all sectors of the Edo economy,” he added.
Obaseki also noted that the total projected revenue for 2023 is N300 billion, consisting of N144.26 billion statutory allocation, made up of Value Added Tax (VAT) of N41.2 billion; Capital receipts of 46.1bn; IGR, N60.4 billion and N4 billion from grants, among others, adding that “The balance of will be sourced from development financing and financial institutions.”
Obaseki further stated, “The revenue estimates for the budget is based on a $70 per barrel benchmark for crude oil and average daily production of 1.69m barrels per day as well as an increase in Internally Generated Revenue (IGR) to N60.4bn, owing to reforms in tax collection and land management activities.
“Our intention is to push for revenue and reforms in the built environment. We are committed to boosting capital spending this year. To this end, we expect a capital/recurrent expenditure ratio of 60.2 per cent to 39.8 percent respectively. This would reinvigorate the economy, providing the right impetus for the needed growth expected in the year.”
Receiving the 2023 budget proposal, Speaker of the Edo State House of Assembly, Rt. Hon. Marcus Onobun, hailed the governor for his efforts at ensuring economic prosperity for the state, adding, “It is worthy to note that at the presentation of the year 2022 budget, you made certain commitments to the people of Edo in relation to infrastructural transformation, healthcare, education and economic development of the State.
“It is commendable that despite the looming global economic meltdown and other uncertainties, you were able to deliver set goals as outlined. On behalf of my colleagues, I applaud you for your sterling performance despite the odds. We applaud your visionary initiatives, leadership, passion, strategic innovation and dedication to our dear state and its people.
“As a House, we will hold ourselves to the highest standards of integrity in carrying out this constitutionally assigned duty of scrutinizing and the consideration of this budget for the benefit of the state. We will ensure that this budget proposal receives timely consideration. We will collaborate with relevant stakeholders, Ministries, Departments and Agencies (MDAs) of government to deliver a budget that is exemplary; a budget that focuses on the aspirations and needs of the people of Edo State.”