2017 Budget: Edo State’s Obaseki Proposes 150bn Naira

Godwin Obaseki To Present Edo State's 2017 Budget On MondayEdo State Governor, Godwin Obaseki, has presented a 2017 Appropriation Bill of 150 billion Naira to the State House of Assembly.

He told the lawmakers in the southern Nigerian state that the budget would help fast track economic and social transformation of the state.

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.

Governor Obaseki, while reviewing the 2016 budget, noted that “the crises we face today are not insurmountable, with focussed planning, discipline and faith in God, we can develop a modern and progressive Edo State, where every citizen is empowered with opportunity to live life in its fullness”.

The Governor further said that 7.5 billion Naira had been set aside for investment; 22.2 billion Naira for economic sector; 22.3 billion Naira for infrastructure, development and upgrade; 3.2 billion Naira for pension scheme; 6.05 billion Naira for outstanding gratuities and pension and 6.6 billion Naira to rebuild infrastructure of institutions in 2017.

He further told the lawmakers that the “budget of Consolidation and Prosperity clearly outlines our first priorities and serves as our compass to the future we seek”.

Governor  Obaseki pointed out that building a new society for Edo State would depend on the timely implementation of reforms to further boost business climate, attract private investment, improve the state’s social welfare and foster needed development.

“In this task, our government will shun all acts of corruption. We shall hold all accountable and will aggressively ensure justice is meted to offenders,” he added.

Oshiomhole Signs N149.5 Billion 2013 Budget Into Law

The Edo State Governor, Adams Oshiomole on Friday, signed the N149.5 billion Appropriation Bill for 2013 into law.

The Edo State Governor, Adams Oshiomhole

Mr Oshiomhole, who commended the leadership of the State House of Assembly for the speedy passage of the bill, said the assembly’s alteration of the original estimate added value to the final approval.

The governor, in November, presented a budget estimate of N150.45 billion to the house for consideration and approval.

“We acknowledge that the Assembly scrutinised and altered the original document because what I am signing is exactly not the same document we proposed to the House.

“I will say that it is a clear demonstration of the essence of separation of powers and that the document is in fact much better.

“It also goes to show that the Assembly is not a rubber stamp but one that has added value to the original proposal,’’ the governor said insisting that the quick passage of the budget would enable his administration commence infrastructure development, especially road construction in 2013.

“With the passage, the executive will have no excuse not to commence work in earnest in 2013.

“And the challenge for us now, is to be a little more aggressive to realise the revenue projection aspect of the budget,” Mr Oshiomhole said.

Aside the federal allocation, the governor explained that the state government should be able to improve its local revenue generation profile through the land use charge.

He promised the House leadership that his administration would not disappoint the people as government would intervene in all sectors of the economy.

“After four years, we will now work at a faster pace to achieve greater level of efficiency and cut that level of wastages for the people to get quality value for their money,’’ he said.