Edo Governor Presents Budget of consolidation and Prosperity

Obaseki budget

Edo State Governor, Mr. Godwin Obaseki, has presented a budget estimate of N150bn for the 2017 fiscal year to the state House of Assembly. The budget is 29% larger than the 2016 estimate, tagged a “Budget of Consolidation and Prosperity.

Gov. Obaseki said recurrent expenditure is N74.9bn, while capital expenditure is N75.1bn, a deficit of N25bn which would be funded by external borrowing in the first tranche of the World Bank support project.

He told the legislators that the 2017 revenue estimates are based on a $42 bench mark for crude oil and average daily production of 1.9 million barrels per day and expectations of improved performance of Internally Generated Revenue, IGR. 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.

He said the 2017 budget was planned around six key policies including Economic revolution, institutional reforms, social welfare enhancement ,Culture and tourism , Healthcare services, Infrastructure development.

The Governor further said that N7.5 billion had been set aside for investment; N22.2 bn for economic sector; N22.3 billion for infrastructure, development and upgrade; N3.2 bn for pension scheme; N6.05 bn for outstanding gratuities and pension and N6.6 bn to rebuild infrastructure of institutions in 2017.

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