Governor Godwin Obaseki of Edo Tuesday presented the N325.3 billion budget for the 2024 fiscal year to the state House of Assembly for consideration and approval.
Obaseki said the budget is made up of N178 billion in capital expenditure and N146 billion in recurrent expenditure.
He said the total projected revenue was put at N303 billion, consisting of N55 billion in statutory allocations, VAT of N38 billion, Capital receipts of 40 billion, N72 billion internally-generated revenue, and N10 billion from grants.
According to him, the deficit would be sourced from development financing and financial institutions.
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He said, “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, especially roads.
“10 per cent (N33.6bn) will be allocated to health, 16 per cent to other government activities, 10 per cent of the budget (32.2bn) is allocated to education, seven per cent (N21bn) is allocated to building and social welfare will get five per cent (N16bn).”
Meanwhile, the Speaker of the House, Blessing Agbebaku, promised that the assembly would scrutinize the budget estimates, and ensure that it delivers on its promise of stimulating the economy.
He explained that the provision of funds for the constituency projects will enable members to meet the yearnings and aspirations of constituents.
