With less than 40 days remaining until the upcoming gubernatorial election set for September 21 in Edo State, Governor Godwin Obaseki has signed a revised supplementary budget totaling N450 billion into law.
Reported by NewsNow, this revised supplementary budget also comes just about 100 days before the conclusion of his second term as governor of the state.
Back on May 22, 2024, Governor Obaseki signed a supplementary budget worth N409,217,894,248.87 billion into law after receiving approval from the State House of Assembly.
It is worth noting that this amount was N17.5 billion higher than the N342,825,969,909.21 billion appropriation bill that the governor had already approved on December 22, 2023.
The supplementary budget was prompted by the approval of a new monthly minimum wage of N70,000 for state workers and to facilitate the completion of his eight-year administration in the state, as mentioned by Governor Obaseki.
However, just three months after approving the initial supplementary budget, the state government has now signed into law a revised supplementary budget of N450 billion.
Commenting after approving the revised supplementary budget, Governor Obaseki mentioned that the government is allocating around N5 billion to support the growth of small businesses within the state.
He emphasized the necessity of doubling the state’s budget size to stimulate the state’s economy and improve efficiency in budget execution.
Governor Obaseki explained the rationale behind the revision and supplementary allocation of the existing 2024 budget, highlighting the increased focus on capital expenditure in the revised budget.
He also addressed the inclusion of provisions in the revised supplementary budget to assist small businesses, traders, and farmers who have been affected by inflationary pressures.
Governor Obaseki reiterated his commitment to completing ongoing projects and laying a strong foundation for the succeeding administration in the remaining months of his tenure.