Obaseki proposes a budget of N320.35 billion for 2023.

Edo State Governor Godwin Obaseki has presented a N320.46 billion appropriation bill for 2023 to the state House of Assembly, dubbed the ‘Budget of Reliance and Transformation.’

The amount represents a 69% increase over the 2022 bill.

Obaseki told the Assembly yesterday that capital expenditure would cost N192 billion, while recurrent expenditure would cost N127.5 billion.

Edo State Deputy Governor Philip Shaibu, Secretary to the State Government Osarodion Ogie, Chief of Staff to the Governor Osaigbovo Iyoha, Edo State Head of Service Anthony Okungbowa, Commissioners and other top government officials attended the budget presentation.

The governor said: “Our strategic goal is to utilize manufacturing, technology, agriculture, arts, culture and entertainment as the catalyst to promote sustained investment across all sectors of the Edo economy.”

Obaseki stated that the total projected revenue for 2023 was N300 billion, which included a N144.26 billion statutory allocation made up of VAT of N41.2 billion, capital receipts of 46.1 billion, IGR of N60.4 billion, and grants of N4 billion, among other things, and that “the balance will be sourced from development financing and financial institutions.”

Obaseki added: “The revenue estimates for the budget is based on a $70 per barrel benchmark for crude oil and average daily production of 1.69m barrels per day as well as an increase in Internally Generated Revenue, IGR, to N60.4bn, owing to reforms in tax collection and land management activities.”

After receiving the 2023 budget proposal, Marcus Onobun, Speaker of the Edo State House of Assembly, praised the governor for his efforts to ensure the state’s economic prosperity, adding, “It is worthy to note that at the presentation of the year 2022 budget, you made certain commitments to the people of Edo in relation to infrastructural transformation, healthcare, education and economic development of the state.”

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