JUST IN: Obaseki Has Done It (DETAILS)

JUST IN: Obaseki Has Done It (DETAILS)

Edo State Governor, Godwin Obaseki, yesterday presented the N320.35 billion budget for the fiscal year 2023 to the Edo State House of Assembly, representing a 69.37 percent increase from the N222 billion budgeted for the year 2022.

According to Crusoe Osagie, the governor’s media aide, Obaseki, who presented the budget to the Assembly at the Anthony Enahoro Assembly Complex in Benin City, the budget included N192 billion for capital and N127.5 billion for recurrent expenditure.

Edo State Deputy Governor, Philip Shaibu; Secretary to the State Government, Osarodion Ogie; Chief of Staff to the Governor, Osaigbovo Iyoha; and Edo State Head of Service, Anthony Okungbowa were among those in attendance at the budget presentation.

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Others include Chris Nehikhare, Commissioner for Communication and Orientation; Monday Osaigbovo, Commissioner for Local Government and Chieftaincy Affairs; Aishatu Braimoh, Commissioner for Business, Investment and Cooperative; and Andrew Emwanta, Commissioner for Youth and Gender Issues.

According to the governor: The document, dubbed the ‘Budget of Resilience and Transformation,’ is informed by the need to “build a resilient and sustainable foundation for the reforms, initiatives, and programs that we have embarked on over the last six years,”

He added: “Our strategic goal is to utilise manufacturing, technology, agriculture, arts, culture and entertainment as the catalyst to promote sustained investment across all sectors of the Edo economy.”

Obaseki stated that the projected revenue for 2023 is N300 billion, which includes N144.26 billion in statutory allocation, N41.2 billion in VAT, N46.1 billion in capital receipts, N60.4 billion in IGR, and N4 billion in grants, among other things, and that “the balance will be sourced from development financing and financial institutions.”

He said: “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 N60.4 billion, 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 per cent respectively. This would reinvigorate the economy, providing the right impetus for the needed growth expected in the year.”

Receiving the 2023 budget proposal, Marcus Onobun, Speaker of the Edo State House of Assembly, praised the governor for his efforts to ensure the state’s economic prosperity, 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.”