Edo: Obaseki gives the House of Assembly the N325.3 billion 2024 budget.

A N325.3 billion 2024 Appropriations Bill was submitted to the House of Assembly by Governor Godwin Obaseki of Edo State on Tuesday for approval.

Obaseki unveiled the budget, dubbed the “Budget of Home Run and Finishing Strong,” stating that it consisted of N146 billion in ongoing expenses and N178 billion in capital expenditures.

He said that the budget was somewhat more than the N321.4 billion allocated for 2023.

According to Obaseki, N303 billion in income was expected in total for 2024. This amount included N55 billion in statutory allocations, N38 billion in VAT, N40 billion in capital receipts, N72 billion in IGR, and N10 billion from grants.

He continued by saying that financial institutions and development funding will provide the remaining amount.

According to Obaseki, the budget’s estimated income was predicated on a benchmark price of 65 dollars per barrel for crude oil, an average daily output of 1.6 million barrels, and an increase in IGR to N72 billion.

”A total of N85 billion, or 25% of the budget, would go toward projects that promote job creation and growth, while N62.8 billion, or 19%, would go into infrastructure, mostly roads.

Other allocations are as follows: 10% (N33.6) goes toward health; 16% goes toward other government operations; 10% of the whole budget (32.2 billion) goes toward education; 7% (N21 billion) goes toward construction; and 5% (N16 billion) goes toward social welfare.

He claimed that two percent of each was also allotted to youth, agriculture, power, and climate and environmental challenges.

After receiving the budget, Mr. Blessing Agbebaku, Speaker of the House, pledged to thoroughly review it to make sure it adhered to the pledge to boost the economy.

“The budget for 2024 holds special significance for the legislative branch, as it includes projects that will enable us to fulfill the desires and goals of our constituents,” the speaker stated.

Agbebaku, however, pleaded with all MDAs to deliver the required paperwork to the house committees so that the budget could be passed quickly.