Seeks State House of Assembly’s approval
Godwin Obaseki, the investment banker governor of Edo State, has put together a spending plan of N214.2 billion for fiscal year 2022, which he has sent to the state house of assembly for approval.
The banker turned governor is seeking the assembly’s consideration and approval for a budget proposal he has titled, ‘Budget of Renewal, Hope and Growth’, which contains a 32.9 percent or N53 billion increase over the 2021 approved budget, which stood at N161 billion, something Governor Obaseki attributed to his administration’s commitment to enhance and stimulate the ease of doing business in the state.
Obaseki told the state legislators that the budget is made up of N95.9 billion recurrent expenditure and N118 billion capital expenditure.
He further explained that the recurrent estimates of the budget are based on a $57 per barrel benchmark for crude oil and an average daily production of 1.88 million barrels per day, as well as an increase of the state’s internally generated revenue (IGR) to N50.2 billion.
According to the governor, the total projected IGR for 2022 is N186 billion, consisting of N65 billion statutory allocation, value added tax (VAT) of N23 billion, IGR of N50.3 billion and N11.6 billion from grants.
Highlighting the sectoral breakdown for the proposed budget, Obaseki said N24.6 billion was proposed for education, N14.1 billion allocated to the health sector, N21 billion for government buildings, N30 billion to construct roads/bridges, N5 billion for youth/social development and N8 billion for environment.
The governor has also proposed N4.6 billion for agriculture, N1.2 billion for water, N2.7 billion for electricity, while N9.2 billion is allocated for public safety and security.
The governor also allocated N7.6 billion for technology enhancement, while tourism and development of Benin cultural districts, and administration of justice were proposed to gulp N2 billion and N5 billion, respectively.