Business/Economy
Gov Obaseki signs N450bn supplementary budget
Written By: Adeyinka Adedipe
14 Aug 2024 02:13 AM
Benin, Edo – The Edo State Governor, Godwin Obaseki, on Tuesday, signed a revised supplementary budget of N450bn into law.
The governor, at a ceremony held at the Exco Chamber of the Government House, Benin, said the government was appropriating about N5bn to boost the growth of small businesses in the state.
“I want to express my profound gratitude and appreciation to Mr Speaker and members of the Edo State House of Assembly for the honour you have given us by promptly and expeditiously approving the revised supplementary budget.
“Also, I thank you for your understanding and appreciation of the issues at stake. Last week, I met with Mr Speaker and the appropriation committee to inform and intimate them of the need for a revision of the budget they have earlier approved.
“We had to come back to the House to request for a revision and a supplementary allocation of the existing 2024 budget.
“After proper review and analysis, we found out that the 2023 budget was about N225bn and at that time, the exchange rate was about N750 to a dollar.
“It only follows common sense that if we must grow the economy of Edo State, our budget size needs to be doubled. What we have done in Edo is not just to double the budget size but to ensure more efficiency of the budget.”
He said with the revised supplementary budget, the government attempted to provide N5bn to disburse up to N1bn monthly to help small businesses, traders, and farmers access capital.
He said the government would partner with market associations, age groups and associations in communities where they already had some sort of support to each other, to ameliorate the suffering of Edo people.
“What is different about this budget which has been revised is that we are almost certain that we have a 95 per cent performance on the budget. As of half a year, we are almost at 100 per cent, relatively speaking. We don’t see the situation changing at the end of this year.
“What is more important for the Edo people that we represent is that with this supplementary provision, most provisions are now going to capital expenditure.
“Whereas at the last evaluation, the budget ratio was about 55 per cent for capital and 45 per cent for recurrent, this appropriation is now 57 per cent for capital and 43 per cent for recurrent expenditures. You can see that a lot more efficiency and resources are going to our people.
“We also used the opportunity of this revision to address a very important issue raised during the last citizens’ protest in Nigeria. Edo joined Nigerians to voice out their concerns about the deteriorating welfare of citizens,” he said.
The governor assured the people that in the few months left in the life of the administration, the goal was to complete all projects started and to leave a solid foundation on which the next administration would build.
The governor, at a ceremony held at the Exco Chamber of the Government House, Benin, said the government was appropriating about N5bn to boost the growth of small businesses in the state.
“I want to express my profound gratitude and appreciation to Mr Speaker and members of the Edo State House of Assembly for the honour you have given us by promptly and expeditiously approving the revised supplementary budget.
“Also, I thank you for your understanding and appreciation of the issues at stake. Last week, I met with Mr Speaker and the appropriation committee to inform and intimate them of the need for a revision of the budget they have earlier approved.
“We had to come back to the House to request for a revision and a supplementary allocation of the existing 2024 budget.
“After proper review and analysis, we found out that the 2023 budget was about N225bn and at that time, the exchange rate was about N750 to a dollar.
“It only follows common sense that if we must grow the economy of Edo State, our budget size needs to be doubled. What we have done in Edo is not just to double the budget size but to ensure more efficiency of the budget.”
He said with the revised supplementary budget, the government attempted to provide N5bn to disburse up to N1bn monthly to help small businesses, traders, and farmers access capital.
He said the government would partner with market associations, age groups and associations in communities where they already had some sort of support to each other, to ameliorate the suffering of Edo people.
“What is different about this budget which has been revised is that we are almost certain that we have a 95 per cent performance on the budget. As of half a year, we are almost at 100 per cent, relatively speaking. We don’t see the situation changing at the end of this year.
“What is more important for the Edo people that we represent is that with this supplementary provision, most provisions are now going to capital expenditure.
“Whereas at the last evaluation, the budget ratio was about 55 per cent for capital and 45 per cent for recurrent, this appropriation is now 57 per cent for capital and 43 per cent for recurrent expenditures. You can see that a lot more efficiency and resources are going to our people.
“We also used the opportunity of this revision to address a very important issue raised during the last citizens’ protest in Nigeria. Edo joined Nigerians to voice out their concerns about the deteriorating welfare of citizens,” he said.
The governor assured the people that in the few months left in the life of the administration, the goal was to complete all projects started and to leave a solid foundation on which the next administration would build.
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