Budget: Obaseki Presents N150b Budget to Edo Assembly

Governor Godwin Obaseki has presented a budget of 150 billion appropriation bill to the State ouse of Assembly to fast track economic and social transformatin of the state. Governor Obaseki, who christened the 2017 budget as “Budget of Consolidation and Prosperity” said it was wrapped around the six key policy areas.

“Mr Speaker, we have proposed a budget size of N150,011,831,079 Billion which is a nominal 29% increase over 2016 budget estimates made up of N74,900,297,917 as Recurrent Expenditure and N75,111,533,162 as Capital Expenditure. “The revenue estimates are based on a $42.0 bench mark for crude oil and average daily production of 1.9mil barrels per day and expectations of improved performance of Internally Generated Revenue.

“Hence we will maintain a balance of capital to recurrent expenditure (50%: 50%) in line with our plan to spend our way out of recession. The governor, said “this Budget would have a deficit of N25 Billion for 2017 which is within the acceptable threshold. “The deficit will be funded mainly by external borrowing from the third tranche of the World Bank budget support facility. He named the six key policy areas of the 2017 budget to include Economic Revolution, Healthcare services, Infrastructure development, Institutional Reforms, Environmental sustainabilty, social welfare enhancement and Culture and tourism.

Governor Obaseki, while reviewing the 2016 budget, noted that “the crises we face today are not insurmountable, with focussed planning, disciple and faith in God, we can “develop a modern and progressive Edo State, where every citizen is empowered with opportunity to live life in its fullness”.

“I am honoured to present to you today christened “Consolidation and prosperity”. According to him, “the policy directions of this budget are largely informed by my interactions with Edo people during my campaign which was validated in a strategy dialogue comprising political, religious and traditional leaders, professionals, civil society, women and youth groups.