Adibe Emenyonu in Benin City
The Edo State Government monday proposed the sum of N150,011,831,079 as its 2017 budget estimates.
Presenting the budget before the state House of Assembly for consideration, Governor Godwin Obaseki said the budget christened ‘Budget of Consolidation and Prosperity,’ was higher than the budget estimate of last year by 29 per cent of N15,913,642,987.
According to him, the 2017 budget estimates is made up of N74,900,297,917 as recurrent expenditure and N75,111,533,162 as capital expenditure with revenue estimate based on a $42.0 bench mark for crude oil and average daily production of 1.9 million barrels per day and expectations of improved performance of internally generated revenue (IGR).
In line with this, he said his administration intends to maintain a balance of capital to recurrent expenditure of 50:50 per cent in line with “our plan to spend our way out of recession.”
Obaseki while acknowledging that this year’s budget would have a deficit of N25 billion which is within the acceptable threshold, would be funded mainly by money the federation account and IGR.
“The policy directions of this budget are largely informed by my interactions with the Edo people during my campaign which was validated in a strategy dialogue comprising political, religious and traditional leaders, professionals, civil society, women and youth groups.
“The policy bedrock of the 2017 budget rests on economic revolution, infrastructural expansion, institutional reform, social welfare enhancement, culture and tourism and environmental sustainability.
“These are the pillars which if pursued with uncommon focus, will help us build a new society, create new jobs, new opportunities and wealth and usher in a new era of prosperity for all,” he stated.
Some of the highlights of the budget included N22.2billion for economic sector, N22.3 billion for infrastructure development, environment, N6.9 billion for social welfare,N17.3 billion among others such as payment of arrears of pensions and gratuities.