Obaseki presents N175.7b budget proposal to Edo assembly
Edo State Governor, Godwin Obaseki, yesterday presented N175.7 billion budget proposal to the state House of Assembly.
Under the appropriation, Capital Expenditure would gulp N95.8 billion, while Recurrent Expenditure would take N79.9 billion.
Presenting the 2019 budget estimates to a session of the assembly in Benin City, Obaseki said: “Our budget size for 2019 fiscal year is N175.7 billion, which is a 9.20 per cent nominal increase from the 2018 budget. This budget comprises N79.9 billion for Recurrent and N95.8 billion for Capital expenditures.
“The revenue estimates for the budget are based on a $60 per barrel bench mark for crude oil at an average daily production of 2.3million barrels per day, as well as an increase in Internally Generated Revenue (IGR), as a result of reforms in revenue collection in the state.”
The governor assured that “the 2019 budget, christened ‘Budget of Socio-Economic Inclusion’ will propel us closer to the Edo of our dreams, after we had weathered the shocks from different economic headwinds in the last two years.”
On areas that would be given priority attention, he told the assembly “Consolidating on the gains from the last two years, we intend to keep prioritising capital spending.
We propose a capital/recurrent expenditure ratio of (54.5 per cent: 45.5 per cent), which demonstrates our commitment to fortifying the economy and people for sustained growth.”