Edo Govt Upsizes Budget to N404bn to Address Economic Realities
The Edo State Governor, Mr. Godwin Obaseki, has given his approval to the revised supplementary budget for 2024, totaling N404 billion, representing a 22% increase from the initial figure.
During the signing ceremony at the Government House in Benin City, Obaseki explained that the revision was necessitated by the current economic conditions, particularly the rising inflation trend.
He stated, “We’ve had to adjust our budget to reflect the new realities, given the impressive 100% budget performance in the first quarter of this year.”
The governor further explained that the revision was also prompted by the need to accommodate the financial implications of the minimum wage increase, which was not anticipated in the earlier appropriation law.
He assured that despite the revisions, the focus remains on prioritizing capital expenditure over recurrent spending.
Obaseki emphasized, “Our commitment to capital projects remains unwavering, and we’re confident that the revised budget will enable us to meet our targets and drive meaningful development in Edo State.”
