On Tuesday, Governor Godwin Obaseki of Edo State signed a revised supplementary budget of N450bn into law at the Executive Chamber, located in the Government House, Benin. He highlighted that approximately N5bn will be allocated to support the growth of small businesses in the state.
In his remarks, Obaseki expressed gratitude to the Edo State House of Assembly for promptly approving the revised supplementary budget. He also acknowledged the understanding and support extended by the Speaker and members. Last week, a meeting was held with the Speaker and the appropriation committee to discuss the necessity for revising the previously approved budget.
Following a comprehensive review and analysis, it was revealed that the 2023 budget amounted to about N225 billion with an exchange rate of N750 at the time. Obaseki emphasized the need to double the budget size to stimulate the state’s economy, ensuring greater budget efficiency.
He highlighted that the revised budget, which almost guarantees a 95% performance rate, focuses predominantly on capital expenditure. The revised allocation shifts the budget ratio from 55% capital and 45% recurrent to 57% capital and 43% recurrent expenditures.
Obaseki addressed issues raised during recent citizens’ protests, particularly regarding the welfare of small businesses affected by inflation. With the additional N5 billion allocated in the revised budget, efforts will be made to assist small businesses, traders, and farmers in accessing capital to offset the adverse economic impacts.
As his administration nears its end, Obaseki affirmed the commitment to complete ongoing projects, leaving a sturdy foundation for the incoming administration to build upon.
During the presentation of the revised supplementary budget for 2024, Speaker Blessing Agbebaku and other assembly members emphasized the importance of appropriately allocating resources as the year progresses.
Agbebaku remarked, “We are here presenting the approved revised appropriation law for 2024 to ensure a proper conclusion to the year. We present to you the 2024 supplementary budget for your consideration and implementation.”