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.