Obaseki presents N214.2bn budget estimate

Edo State Governor, Mr. Godwin Obaseki, yesterday, presented a budget proposal of N214.2 billion for the 2022 fiscal year to the state House of Assembly for consideration and approval.

The budget, christened ‘Budget of Renewal, Hope and Growth’, showed an increase of 32.9 per cent over the 2021 budget of N161 billion.

Presenting the budget, Obaseki said it was made up of N95.9 billion recurrent expenditure and N118 billion capital expenditure.

“Mr. Speaker, the increase in capital expenditure over the previous year’s approved budget underscores my administration’s commitment to enhance and stimulate the ease of doing business

“Recurrent estimates of the budget are based on $57 per barrel bench mark for crude oil and an average daily production of 1.88 million barrels per day as well as increase of our IGR to N50.2 billion

“The proposed capital and recurrent expenditures ratios are put at 55 per cent to 45 per cent respectively. The total projected IGR for 2022 is N186 billion consisting of N65 billion statutory allocation,” he said.

The governor proposed N24.6 billion for education; health, N14.1 billion; government buildings, N21 billion; road/bridges N30 billion; youth/social development, N5 billion and environment, N8 billion, among others.