From Ighomuaye Lucky, Benin

Edo State Governor, Godwin Obaseki, yesterday, presented a budget estimate of N320.35 for the 2023 fiscal year to the House of Assembly.

Christened ‘Budget of Reliance and Transformation’, it is 69.2 percent higher than the 2022 budget and made up of N192 billion for capital and N127 billion for recurrent  expenditures and based on an inflation premises, he said it would engender growth in the economy of the state.

“The revenue estimate for the budget is based on $70 per barrel crude oil bench mark and an average production of 1.69 million daily production per day as well as an increase in the internally generated revenue of N60. 4 billion due to the reforms undertaken in tax collection and land management activities.

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“To this end, we expect that the capital/recurrent ration would be 60 percent capital and 40 percent recurrent.

“The budget estimate consist of N143 billion statutory allocation made up  of value added tax of N42.1 billion, capital receipt N41 billion, IGR of N60.4 billion and N4 billion from grant and other sources. The balance would be sourced from development partners, financial institutions among others”, the governor stated.

Sectoral allocation of the budget showed that education got N32.9 billion; healthcare N30.2 billion; roads and transport N54.9 billion; public buildings N20.5 billion; electricity and energy N7.2 billion while agriculture received N5.4 billion among others.