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Obaseki presents 2022 budget proposal of N214.2bn to Edo Assembly

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The Edo State Governor, Godwin Obaseki, on Wednesday presented the 2022 budget proposal of N214.2 billion to the state’s House of Assembly for approval.

The appropriation bill christened “Budget of Renewal, Hope and Growth,” was 32.9 percent higher than the 2021 approved budget of N161 billion.

The governor said the sum of N95.9 billion was set aside as recurrent expenditure and N118 billion for capital expenditure in the budget.

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 dollars per barrel benchmark price for crude oil and an average daily production of 1.88 million barrels per day.

“They are also based on anticipated increase in our Internally-Generated Revenue (IGR) to N50.2 billion.

READ ALSO: I have no plans to switch parties – Obaseki

“The proposed capital and recurrent expenditures ratios are put at 55 percent to 45 percent respectively.

“The total projected revenue for 2022 is N186 billion consisting of N65 billion statutory allocation, VAT of N23 billion, IGR of N50.2 billion and N11.6 billion from grants.”

Obaseki proposed N24.6 billion for Education; N14.1 billion for Health; N21 billion for Government buildings; N30 billion for roads and bridges; N5 billion for Youth and Social Development and N8 billion for Environment in the budget.

Others are Agriculture, N4.6 billion; water, N1.2 billion; Electricity, N2.7 billion and public safety and security N9.2 billion.

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