Obaseki presents N150b 2017 budget of consolidation and prosperity
In attendance during the presentation at the state House of Assembly were the State Chairman of the All Progressives Congress (APC), Anselm Ojezua, Deputy Governor Philip Shiabu, Secretary to the State Government (SSG), Osarodion Ogie and Chief of Staff, Taiwo Akerele.
Obaseki said the proposal comprises N74,900,297,917 for recurrent and N75,111,533,162 for capital expenditures, adding that the revenue estimates are based on $42 benchmark for crude oil and improved income from Internally Generated Revenue (IGR).
“We will maintain a balance of capital to recurrent expenditure in line with our plan to spend our way out of recession,” he stated.
Obaseki, who is presenting his first appropriation bill as governor of the state said the proposal would have a deficit of N25 billion, which is within the acceptable threshold.
“The deficit will be funded mainly by external borrowing from the third tranche of the World Bank budget support facility. “The direction of this budget is largely informed by my interaction with Edo people during my campaign which includes political, religious, traditional leaders, professionals, civil society, women and youth groups. The bedrock of the 2017 budget rests on economic revolution, infrastructural expansion, institutional reform, social welfare enhancement, culture and tourism and environmental sustainability,” he explained.