2023: Obaseki submit a N320.35 billion budget to Edo Assembly

• Obaseki presents a budget made up of N127.5 billion for ongoing expenses and N192 billion for capital expenditures
• The governor listed education, health, road transport, buildings, and agriculture as the areas of focus in the 2023 fiscal year

Mr. Godwin Obaseki, the governor of Edo State, yesterday gave the Edo State House of Assembly an N320.35 billion budget for the 2023 fiscal year, a boost of 44.3% from the N222 billion allocated for the previous year 2022.

The budget is made up of N127.5 billion for ongoing expenses and N192 billion for capital expenditures, according to Obaseki, who presented it to the assembly while it was gathered at the Anthony Enahoro Assembly Complex in Benin City.

Philip Shaibu, the Deputy Governor of Edo State, Osarodion Ogie, the Secretary to the State Government, Hon. Osaigbovo Iyoha, the Chief of Staff to the Governor, and Anthony Okungbowa, the Head of Service for the State of Edo, were among the guests present at the budget presentation.

The governor claims that the ‘Budget of Resilience and Transformation’ document was motivated by the need to, “build a resilient and sustainable foundation for the reforms, initiatives, and programs that we have embarked on in the last six years.”

“Our strategic goal is to utilize manufacturing, technology, agriculture, arts, culture, and entertainment as the catalyst to promote sustained investment across all sectors of the Edo economy,” he added.

Obaseki further stated: “The revenue estimates for the budget is based on a $70 per barrel benchmark for crude oil and average daily production of 1.69 million barrels per day as well as an increase in Internally Generated Revenue (IGR) to N60.4 billion, owing to reforms in tax collection and land management activities.

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“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 percent 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 (MDAs) 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, earlier, 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.