The Edo State Governor, Mr Godwin Obaseki, on Wednesday, presented a N320.35bn, representing a 69.37 percent increase from the N222bn budgeted for the year 2022 budget to the State House of Assembly for the 2023 fiscal year.
The Governor, who presented the budget to the Assembly sitting at the Anthony Enahoro Assembly Complex in Benin City, said the budget comprises N192 billion for capital and N127.5 billion for recurrent expenditure.
According to the Obaseki, the document, christened ‘Budget of Resilience and Transformation,’ is informed by the need to “build a resilient and sustainable foundation for the reforms, initiatives and programmes that we have embarked on in the last six years.”
“Our strategic goal is to utilise manufacturing, technology, agriculture, arts, culture and entertainment as the catalyst to promote sustained investment across all sectors of the Edo economy,” he added.
He noted that the total projected revenue for 2023 is N300 billion, consisting of N144.26 billion statutory allocation, made up of Value Added Tax (VAT) of N41.2 billion; Capital receipts of 46.1bn; IGR, N60.4 billion and N4 billion from grants, among others, adding that “The balance of will be sourced from development financing and financial institutions.”
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 1.69m barrels per day as well as an increase in Internally Generated Revenue (IGR) to N60.4bn, owing to reforms in tax collection and land management activities.
The governor, 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.
According to Obaseki, “With changes in global economic dynamics and its effect on our economy, states that must survive will have to transform structurally and change the way they operate. Partnerships, therefore, are key to resilience.
“Government does not have all the resources needed to engender growth and development that the people desire. Partnerships with local and international private sector players are therefore germane and expedient so as to make progress.
“It is on this note that the government seeks to enhance reforms in government process, stimulate economic prosperity and improve ease of doing business to continuously attract private capital to engender sustainable development.
“With several projects at the verge of completion in the year 2023, we hope to galvanize all actors and harness resources to increase the opportunities for our people to enhance productivity and expand the economic base of our state.”
Receiving the 2023 budget proposal, Speaker of the state House of Assembly, Rt. Hon. Marcus Onobun, hailed the governor for his efforts at ensuring economic prosperity for the state.
He said: “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.”
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