By Osahon Osahon
Governor Godwin Obaseki of Edo State on Wednesday presented a budget of N214.2 billion proposed for the 2022 fiscal year, to the State House of Assembly for consideration.
The budget which is christened ‘Budget of Renewal, Hope and Growth, is made up of N118 billion capital expenditure and N95.9 billion recurrent expenditure, and it’s 32.9 percent higher than the 2021 approved budget of N161 billion.
According to the Governor, the increase in capital expenditure over last year’s approved budget underscores his administration’s commitment to enhance and stimulate the ease of doing business
He further stated: “Recurrent estimates of the budget are based on $57 per barrel bench mark for crude oil and an average daily production of 1.88 million barrels per day as well as increase of our IGR to N50.2 billion
“The proposed capital and recurrent expenditures ratios is put at 55 percent to 45 percent respectively.
“The total projected IGR for 2022 is N186 billion consisting of N65 billion statutory allocation. MValue added tax of N23 billion, IGR of N50.3 billion and N11.6 billion from grants,” he added.
According to the budget proposal, Road/Bridges will gulp the sum of N30 billion; N24.6 billion will be appropriated for Education; Health N14.1 billion; Government buildings will gulp N21 billion; Youth/Social Development N5 billion; and Environment N8 billion.
Others are: Agriculture N4.6 billion; Water resources N1.2 billion; Electricity N2.7 billion and Public Safety and Security N9.2 billion.
Also included in the budget proposal are Technology enhancement, N7.6 billion; enhancing working environment N15 billion; Tourism and development of Benin cultural districts N2 billion and administration of justice N5 billion, amongst others.
