Obaseki budgets N214.2bn for 2022 fiscal year


Obaseki presenting the budget

By Jethro Ibileke

Edo State Governor, Godwin Obaseki, on Wednesday presented a budget proposal of N214.2 billion for the 2022 fiscal year to the State House of Assembly for consideration and approval.

Christened ‘Budget of Renewal, Hope and Growth, the budget which is made up of N118 billion capital expenditure and N95.9 billion recurrent expenditure, shows an increase of 32.9 percent over the 2021 approved budget of N161 billion.

Obaseki noted that the increase in capital expenditure over last year’s approved budget underscores his administration’s commitment to enhance and stimulate the ease of doing business

According to him, “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 ratios is put at 55 percent to 45 percent respectively.

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“The total projected IGR for 2022 is N186 billion consisting of N65 billion statutory allocation.

“Value added tax of N23 billion, IGR of N50.3 billion and N11.6 billion from grants.”

According to the budget proposal, Road/Bridges will gulp the sum of N30 billion; N24.6 billion will be appropriated for Education; Health N14.1 billion; Government buildings will gulp N21 billion; Youth/Social Development N5 billion; and Environment N8 billion.

Others are: Agriculture N4.6 billion; Water resources N1.2 billion; Electricity N2.7 billion and Public Safety and Security N9.2 billion.

Also included in the budget proposal are Technology enhancement, N7.6 billion; enhancing working environment N15 billion; Tourism and development of Benin cultural districts N2 billion and administration of justice N5 billion, amongst others.

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