The Edo State Governor, Godwin Obaseki, yesterday presented a budget proposal of N214.2 billion for the 2022 fiscal year to the state House of Assembly for consideration and approval. The budget, christened: “Budget of Renewal, Hope and Growth,” showed an increase of 32.9 per cent over the 2021 approved budget of N161 billion. Presenting the budget, Obaseki said it was made up of N95.9 billion Recurrent Expenditure and N118 billion as Capital Expenditure.
He said: “Mr. Speaker, the increase in capital expenditure over the previous year’s approved budget underscores my administration’s commitment to enhance and stimulate the ease of doing business “Recurrent estimates of the budget are based on $57 per barrel bench mark for crude oil and an average daily production of 1.88 million barrels per day as well as increase of our IGR to N50.2 billion “The proposed capital and recurrent expenditures ratio is put at 55 to 45 per cent respectively.
The total projected IGR for 2022 is N186 billion, consisting of N65 billion statutory allocation, as well as Value added tax of N23 billion, IGR of N50.3 billion and N11.6 billion from grants.” During the presentation, Governor Obaseki proposed N24.6 billion for education; health N14.1 billion; government buildings N21 billion; road/ bridges N30 billion; youth/ social development N5 billion and environment N8 billion.