26th November, 2018
Jethro Ibileke/Benin
Edo State Governor, Mr. Godwin Obaseki, on Monday presented the 2019 Appropriation Bill of N175.7 billion to the State House of Assembly for consideration and approval.
The budget estimate christened “Budget of Socio-Economic Inclusion,” is made up of N95.8 billion (54.5%) capital expenditure and N79.9 billion (45.5%) recurrent expenditure and it is 9.20 per cent higher than the 2018 budget.
Topping the priority of the budget estimate are infrastructure, education, health, industrialisation, pension and security.
According to the Governor, the revenue estimates for the budget are based on a $60 per barrel bench mark for crude oil at an average daily production of 2.3m barrels per day as well as an increase in Internally Generated Revenue (IGR), as a result of reforms in revenue collection in the state.
He disclosed that the proposed capital/recurrent expenditure ratio demonstrates his administration’s commitment to fortify the economy and the people for sustained growth, which he said “will propel us closer to the Edo of our dreams, after we have weathered the shocks from different economic headwinds in the last two years.”
“The 2019 budget proposal “reflects this administration’s intention to promote social inclusion and economic empowerment for Edo citizens, through the deepening of investments in socio-economic, governance and security infrastructure; and through the implementation of initiatives that guarantee equal access to education, health care and social protection,” Obaseki’s said.
The 2019 budget proposal also makes provision for the creation of 50,000 new jobs from agriculture, services, micro, small and medium enterprises (MSMEs) and technical and vocational education (TVET) sectors.
There will also be a huge investment in agriculture and infrastructure, stimulation of socio-economic growth, provision of quality education, health care and wealth creation.
“In 2019, we believe exchange rates will remain stable as we experience growth in external reserves, consolidate on the implementation of our Bilateral Currency Swap Agreement with China and receive the foreign portfolio investments likely to flow into the capital market post 2019 elections,” Obaseki concluded.