Edo State Governor, Obaseki Presents N150Bn For 2017 Budget

Edo State Governor, Godwin Obaseki, has presented a 2017 Appropriation Bill of 150 billion Naira to the State House of Assembly.

Governor Obaseki, who christened the 2017 budget “Budget of Consolidation and Prosperity”, pointed out that it was wrapped around six key policy areas.

“Mr Speaker, we have proposed a budget size of 150.011, billion Naira which is a nominal 29% increase over 2016 budget estimates made up of 74.900 billion Naira as Recurrent Expenditure and 75.111 billion Naira as Capital Expenditure.

“The revenue estimates are based on a $42.0 benchmark for crude oil and average daily production of 1.9 million barrels per day and expectations of improved performance of Internally Generated Revenue.

“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 stated.

The governor said the budget would have a deficit of 25 billion Naira for 2017 which would be funded mainly by external borrowing from the third tranche of the World Bank budget support facility.

He named the six key policy areas of the 2017 budget to include Economic Revolution, Healthcare services, Infrastructure development, Institutional Reforms, Environmental sustainability, social welfare enhancement and Culture and tourism.

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