By Esosa Omorogbe
Governor Godwin Obaseki of Edo, on Tuesday presented a budget size of N325.3billion appropriation bill for 2024 to the state House of Assembly.
The budget which he christened Budget of Home Run, Finishing Strong, is slightly higher than the 2022 budget, which was N321.4bn
Presenting the proposal to the Assembly in Benin, Obaseki said that the capital expenditure would take N178 billion, while Recurrent expenditure would be N146 billion.
Obaseki noted that the total projected revenue for 2024 was put at N303 billion, consisting of N55 billion statutory allocations, VAT N38 billion, Capital receipts of 40 billion, IGR N72 billion and N10 billion from grants.
He added that the balance would be sourced from development financing and financial institutions.
Obaseki stated that revenue estimates for the budget was based on a $65 per barrel benchmark for crude oil and average daily production of 1.6m barrels per day as well as an increase in IGR to N72 billion.
According to him, 25 percent of the total budget (N85 billion) would be allocated to areas that would stimulate growth and employment while 19 percent (N62.8 billion) would allocated to infrastructure, particularly roads.
Others are, 10 percent (N33.6) allocated to health, 16 percent to other government activities, 10 percent of the total budget (32.2 billion) allocated to education, seven percent (N21 billion) allocated to building and Social welfare five percent (N16 billion)
Two percent each was also allocated to climate and environment issues, electricity, youths and agriculture.
Receiving the 2024 budget proposal, the Speaker of the House, Blessing Agbebaku promised to look at the budget estimates carefully to ensure it delivers on its promise to stimulate the economy.
"The year 2024 budget is special to us in the legislative arm, as it is going to be inclusive of our constituency projects to allow us meet the yearnings and aspirations of our constituents," he said.
Agbebaku, however, urged all MDA's to provide the house committees necessary documents that would aid the speedy passage of the 2024 budget
#SPARKNEWSNAIJA(SNN).
+2348024189597(WhatsApp/Calls)
+2348180442222(WhatsApp/Calls)
email.- oluayemyk@gmail.com
Comments
Post a Comment