A budget of N320.35 billion for the fiscal year 2023 was presented by Edo State Governor Godwin Obaseki to the Edo State House of Assembly on Wednesday. This amount represents a 69.37 percent increase over the N222 billion budgeted for the fiscal year 2022.
Obaseki presented the budget to the Assembly sitting at the Anthony Enahoro Assembly Complex in Benin City, and said the budget comprises N192 billion for capital and N127.5 billion for recurrent expenditure.
The governor stated that the necessity to “build a resilient and sustainable foundation for the reforms, initiatives, and programs that we have embarked on in the last six years” was the driving force behind the creation of the document known as the “Budget of Resilience and Transformation.”
“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,” he added.
The entire estimated revenue for 2023, according to Obaseki, is N300 billion. This includes the N144.26 billion statutory allocation, which is composed of the N41.2 billion Value Added Tax, the N46.1 billion Capital Receipts, the N60.4 billion IGR, and the N4 billion from grants, among other sources. “The balance will be sourced from development financing and financial institutions,” Obaseki said.
Obaseki went on, “The budget’s revenue projections are predicated on a benchmark price of $70 per barrel for crude oil and an average daily production of 1.69 million barrels. Additionally, reforms in tax collection and land management activities have resulted in a rise in Internally Generated Revenue (IGR) to N60.4 billion.
“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 percent respectively. This would reinvigorate the economy, providing the right impetus for the needed growth expected in the year.”
Receiving the 2023 budget proposal, Speaker of the Edo State House of Assembly, Rt. Hon. Marcus Onobun, hailed the governor for his efforts at ensuring economic prosperity for the state, 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.
“As a House, we will hold ourselves to the highest standards of integrity in carrying out this constitutionally assigned duty of scrutinizing and the consideration of this budget for the benefit of the state. We will ensure that this budget proposal receives timely consideration. We will collaborate with relevant stakeholders, Ministries, Departments, and Agencies of government to deliver a budget that is exemplary; a budget that focuses on the aspirations and needs of the people of Edo State.”
The governor listed education, health, road transport, buildings, agriculture, energy, and electricity, as well as economic enablers, as the areas of focus in the 2023 fiscal year.
