The Edo State Governor, Mr. Godwin Obaseki, has unveiled a budget proposal of N325.3bn for the 2024 fiscal year to the Edo State House of Assembly. This budget, tagged ‘Budget Home Run: Finishing Strong,’ shows a marginal increase from the previous year’s budget of N320bn. The budget earmarks N178bn for capital expenditure and N146bn for recurrent expenditure.
Despite the global economic headwinds, Governor Obaseki stressed his government’s commitment to mobilizing resources to complete ongoing projects across the state. The budget is designed to enhance the ease of doing business, solidify reform programs, and stimulate economic growth. The projected revenue for 2024 stands at N303bn, which includes statutory allocation, Value Added Tax (VAT), capital receipts, Internally Generated Revenue (IGR), and grants, among others. The governor anticipates an increase in IGR to N72bn through revenue collection reforms.
For the 2024 fiscal year, Governor Obaseki highlighted key focus areas such as growth and employment enablers like the trailer and transit parks, ICT infrastructure, Benin Port projects, which will consume N85bn; road and transport infrastructure, N62bn; health, N33bn; education, N32bn and buildings, physical planning and development control, N21bn.
Other areas include Social Welfare/Benefits N16bn; Environment, N5bn; Electricity, N7bn; Agriculture, N6bn and Youth, Social Development and Gender, N6bn.
He stated, “The ultimate target is to promote economic expansion, technology, arts and culture, social inclusion and economic empowerment for Edo citizens, through sustained investments across various sectors of the economy necessary to drive growth and development. Public Private Partnership (PPP) will continue to dominate our investment initiatives in the New Year.”
He further added, “Though resources are not at the optimum and our revenues are severely impacted by prevailing lag in the economy, we will sustain efforts to improve the ease of doing business, consolidate on other key reform programmes and conclude all transactions needed to stimulate economic growth.”
In response to the presentation of the 2024 budget proposal by Governor Godwin Obaseki, the Speaker of the Edo State House of Assembly, Rt. Hon Blessing Agbebaku, expressed commitment to working collaboratively with the executive arm to ensure the socioeconomic growth and development of the state.
