Economy Edo Headline Local News

Obaseki presents N320.35bn budget estimate

Edo State government has proposed N320.35 billion as budget estimate for the 2023 fiscal year, christened called ‘Budget of Reliance and Transformation’.

Governor Godwin Obaseki made this know while presenting the budget to Edo State House of Assembly in Benin City.

The budget for 2023 is 69.37% higher than the N222bn budgeted for 2022 fiscal year.

The Governor said capital expenditure was put at N192bn, while N127.5bn was proposed for recurrent expenditure.

“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 said.

Obaseki noted that the total projected revenue for next year was N300bn, giving the breakdown to include: N144.26bn for statutory allocation, Value Added Tax (VAT) of N41.2bn; capital receipts of 46.1bn; IGR, N60.4bn and N4bn from grants, while the rest will be sourced from development financing and financial institutions.”

The Speaker of the Edo State House of Assembly, Marcus Onobun, commended the governor for his efforts at ensuring economic prosperity for the state and his performance in 2022 despite the odds.

Writing by Annabel Nwachukwu