The Edo State has budgeted the sum of N325.3 billion for the 2024 fiscal year, which is a slight increase from the N320 billion budgeted for the year 2023. The State Governor who presented the budget to the Assembly, 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. He 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 Edo 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 said that the total projected revenue for 2024 is N303 billion, consisting of N55billion statutory allocation, Value Added Tax (VAT) of N38 billion, capital receipts of N40 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 1.60 million 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.” Obaseki said the focus areas for the 2024 fiscal year include growth and employment enablers such as the trailer and transit parks, ICT infrastructure, Benin Port projects, which will gulp N85 billion; road and transport infrastructure, N62 billion; health, N33 billion; education, N32 billion and buildings, physical planning and development control, N21 billion. Other areas include Social Welfare/Benefits N16 billion; Environment, N5 billion; Electricity, N7 billion; Agriculture, N6 billion and Youth, Social Development and Gender, N6 billion.
According to him, the 2024 budget is informed by the need to build a resilient and sustainable foundation for the reforms, initiatives and programmes that we have embarked on in the last seven years. “The ultimate target is to promote economic expansion, technology, arts and culture, social inclusion and economic empowerment for Edo citizens, through sustained investments across various sectors of the economy necessary to drive growth and development. Public Private Partnership (PPP) will continue to dominate our investment initiatives in the New Year,” the governor added. He said “though resources are not at the optimum and our revenues are severely impacted by prevailing lag in the economy, we will sustain efforts to improve the ease of doing business, consolidate on other key reform programmes and conclude all transactions needed to stimulate economic growth.” The governor further stated: “Mr. Speaker, as a subnational we have very little say on monetary policy but our aim is to stabilise our macro-economic environment through effective use of limited fiscal policy. This will enable businesses, investors and households plan and implement production, investment and consumption activities effectively within our state.