Infrastructure,education top as Obaseki proposes N214.2bn budget
The Governor of Edo State, Godwin Obaseki, on Wednesday, presented a budget proposal of N214.2bn for the 2022 fiscal year to the state House of Assembly for consideration and approval.
The budget, christened ‘Budget of renewal, hope and growth’, showed an increase of 32.9 per cent over the 2021 approved budget of N161bn.
According to Obaseki, the proposed budget is made up of N95.9bn recurrent expenditure (45 per cent) and N118bn (55 per cent) capital expenditure.
He said, “Mr Speaker, the increase in capital expenditure over the previous year’s approved budget underscores my administration’s commitment to enhance and stimulate the ease of doing business.
“Recurrent estimates of the budget are based on $57 per barrel benchmark for crude oil and an average daily production of 1.88 million barrels per day as well as increase of our IGR to N50.2bn.
“The total projected revenue for 2022 is N186bn, consisting of N65bn statutory allocation, value added tax of N23bn, IGR of N50.3bn and N11.6bn from grants.”
The governor proposed N24.6bn for education; N14.1bn for health; N21bn for buildings; N30bn for road/bridges; N5bn for youth/social development; and N8bn for environment.
Others are agriculture (N4.6bn), water (N1.2bn), electricity (N2.7bn), and public safety and security (N9.2bn).