Edo State Governor, Godwin Obaseki, yesterday, presented a N325.3 billion budget to Edo State House of Assembly for the 2024 fiscal year, which is a slight increase from the N320 billion budgeted for 2023.
  
Obaseki, who presented the budget at the Anthony Enahoro Assembly Complex in Benin City, said the budget is made up of N178 billion for capital and N146 billion for recurrent expenditure.
  
The governor said that with the budget, christened,  ‘Budget Home Run: Finishing Strong,’ his government intends to, despite the global economic headwinds and attendant implications for the national economy, marshal resources to complete ongoing projects across the state in furtherance of government’s commitment to the wellbeing and prosperity of the state and sustain efforts to improve the ease of doing business, consolidate on key reform programmes and conclude all transactions needed to stimulate economic growth.
  
The governor noted that the total projected revenue for 2024 is N303 billion, consisting of N55 billion statutory allocation, Value Added Tax (VAT) of N38 billion, capital receipts of 40 billion; IGR of N72 billion and N10 billion from grants, among others, adding that “the revenue estimates are based on a $65 per barrel benchmark for crude oil with an average daily production of 1.60m barrels per day as well as an increase in Internally Generated Revenue (IGR) to N72 billion, which will be bolstered by reforms in revenue collection, property laws and land management reforms.”
  
Receiving the budget proposal, the Speaker of the House, Blessing Agbebaku, assured the governor that the legislative arm will continue to work harmoniously with the executive to ensure the socioeconomic growth and development of the state.