The governor of Edo State, Godwin Obaseki, has signed a revised supplementary budget of N450 billion, less than 40 days before the upcoming governorship election scheduled for September 21 in the state.
Reportedly, this revised supplementary budget comes just 100 days before the end of his second term as governor.
Previously, Governor Obaseki had signed a supplementary budget of N409,217,894,248.87 on May 22, 2024, after it was approved by the State House of Assembly.
Compared to the N342,825,969,909.21 appropriation bill signed by the governor on December 22, 2023, this amount was N17.5 billion higher.
The supplementary budget was justified by the need to accommodate the new monthly minimum wage of N70,000 for state workers and to facilitate the completion of his eight-year tenure.
Soon after signing the previous supplementary budget, the state government has once again approved the N450 billion revised supplementary budget.
In a statement following the approval of the revised budget, Governor Obaseki mentioned an allocation of approximately N5 billion to support small businesses’ growth in the state.
He emphasized the importance of doubling the state’s budget size to stimulate economic growth and enhance budget efficiency.
Commenting on the revised budget, Governor Obaseki highlighted the focus on capital expenditures, with the allocation now standing at 57% for capital and 43% for recurrent expenditures, compared to the previous ratio of 55% to 45%.
The governor also addressed issues raised during recent protests in Nigeria, particularly concerning the welfare of citizens and small businesses affected by inflationary pressures.
He assured that efforts would be made to disburse funds from the budget to assist small businesses, traders, and farmers, aiming to alleviate their financial challenges.
Looking ahead, Governor Obaseki expressed his commitment to completing ongoing projects and laying a strong foundation for the next administration during the remaining months of his term.