Obaseki signs ₦450b revised budget, promises boost for small businesses

3 months ago 5

By Oluyemi Ogunseyin

14 August 2024 | 10:44 am

Edo State Governor, Godwin Obaseki, has signed a revised supplementary budget of ₦450 billion into law. The increased budget aims to stimulate economic growth and provide relief for citizens. Speaking at the signing ceremony on Tuesday, Obaseki expressed his gratitude to the Speaker and members of the Edo State House of Assembly (EDHA) for promptly…

Edo State Governor, Godwin Obaseki, has signed a revised supplementary budget of ₦450 billion into law.

The increased budget aims to stimulate economic growth and provide relief for citizens.

Speaking at the signing ceremony on Tuesday, Obaseki expressed his gratitude to the Speaker and members of the Edo State House of Assembly (EDHA) for promptly approving the revised supplementary budget.

He noted the government’s commitment to supporting small businesses, and announced an allocation of ₦5 billion to bolster the sector.

The governor explained that the need for a revised budget arose due to economic challenges, including inflation and currency devaluation. He said a thorough review and analysis revealed that the original 2023 budget of ₦225 billion was no longer sufficient.

He added that by doubling the budget, the state aims to enhance its development projects and improve public services.

The governor said that the revised budget is expected to perform at 95 percent, with a significant shift towards capital expenditure.

He noted that while the previous budget allocation was 55 percent for capital and 45 percent for recurrent expenditures, the new allocation stands at 57 percent for capital and 43 percent for recurrent, reflecting a more efficient use of resources.

A significant portion of the new budget will be directed towards capital expenditure, with a focus on infrastructure, education, and healthcare.

Obaseki stated that this shift in allocation will lead to tangible improvements in the lives of Edo residents.

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