In a significant move aimed at advancing the state’s growth trajectory, Governor Godwin Obaseki of Edo State presented the 2024 budget, totaling N325.3 billion, to the Edo State House of Assembly on Tuesday. This figure represents a marginal increase from the N320 billion allocated in the preceding fiscal year, 2023.
Outlined at the Anthony Enahoro Assembly Complex in Benin City, the budget is strategically divided, with N178 billion earmarked for capital expenditure and N146 billion allocated for recurrent expenses. Governor Obaseki, unveiling the budget themed ‘Budget Home Run: Finishing Strong,’ emphasized his administration’s commitment to completing ongoing projects, fostering the welfare of citizens, and enhancing the ease of doing business.
The budget’s revenue projection for 2024 stands at N303 billion, comprising a statutory allocation of N55 billion, Value Added Tax (VAT) amounting to N38 billion, capital receipts of N40 billion, Internally Generated Revenue (IGR) projected at N72 billion, and N10 billion from grants. Governor Obaseki highlighted that these estimates are based on a crude oil benchmark of $65 per barrel and an average daily production of 1.60 million barrels.
The governor underscored key focus areas for the upcoming fiscal year, with priority sectors including trailer and transit parks, ICT infrastructure, Benin Port projects (N85 billion), road and transport infrastructure (N62 billion), health (N33 billion), education (N32 billion), and buildings, physical planning, and development control (N21 billion). Additional allocations are earmarked for social welfare, environment, electricity, agriculture, and youth development.
Governor Obaseki acknowledged the economic challenges faced in 2023, citing the devaluation of the naira and the removal of fuel subsidy. Despite these obstacles, he emphasized his administration’s resilience in delivering good governance, expanding the economic space, attracting private capital, and upgrading public infrastructure.
Highlighting achievements in the outgoing year, Governor Obaseki noted the state’s full digital transformation, spanning over 2,000 km of fiber optic broadband connectivity. The governor emphasized the positive impact on public service delivery, including procurement, revenue collection, land management, project management, basic education, and healthcare.
Addressing human capital development, Obaseki detailed ongoing reforms in the education sector, from basic education to technical and vocational education. He also highlighted collaborations with international partners to enhance technical education and announced the establishment of the Edo State College of Agriculture to support the state’s growing commercial agriculture sector.
In the healthcare sector, the governor showcased the success of the Edo State Health Insurance Scheme, which now boasts over 200,000 subscribers. He outlined efforts to improve healthcare facilities, attract private players, and cited the Merry Ehanire Mother and Child Hospital as a world-class facility contributing to medical tourism.
Governor Obaseki assured the assembly of his administration’s commitment to finishing strong in 2024, completing ongoing projects, and creating a reliable foundation for Edo State’s future. He also outlined measures taken to mitigate the impact of the federal government’s fuel subsidy removal, including free Wi-Fi in public spaces and a two-month pilot phase of free bus rides benefiting over 1.5 million residents.
In response, the Speaker of the Edo State House of Assembly, Rt. Hon Blessing Agbebaku, commended Governor Obaseki for his developmental strides and assured continued collaboration between the legislative and executive arms to drive socioeconomic growth and development in the state. The Speaker particularly praised the extension of the free bus service as a commendable social safety net initiative.
