On Tuesday, Edo State Governor, Godwin Obaseki, officially signed a revised supplementary budget totaling N450 billion into law. The signing ceremony took place at the EXCO Chamber in the Government House, Benin City.
One of the key highlights of the revised budget is the allocation of N5 billion aimed at supporting the growth of small businesses across the state.
Governor Obaseki expressed his deep gratitude to the Speaker and members of the Edo State House of Assembly (EDHA) for their swift approval of the revised budget. He acknowledged their understanding and quick response to the need for the revision.
He explained, “I want to thank the Speaker and the House members for promptly approving the revised budget. Last week, I met with the Speaker and the appropriation committee to discuss the necessity of the budget revision and supplementary allocation for the 2024 fiscal year. After a thorough review, we concluded that the initial 2023 budget of N225 billion, based on an exchange rate of N750, was insufficient for our growth ambitions. To stimulate the economy of Edo State, it was essential to double the budget size. More importantly, this budget ensures greater efficiency in how funds are allocated.”
The governor highlighted that the revised budget is expected to deliver nearly 95% of the planned budget performance by the end of the year, noting that the revised budget is more focused on capital expenditure. The previous budget allocation ratio was 55% for capital expenditures and 45% for recurrent costs, but with the revised budget, capital expenditure now makes up 57%, leaving 43% for recurrent expenditure.
Governor Obaseki further addressed concerns raised during recent protests about the economic hardship faced by many citizens. He acknowledged that while the state could not resolve all of the issues, the government would assist small businesses affected by inflation. He revealed that the N5 billion set aside in the supplementary budget would be used to support small traders, farmers, and other small businesses by providing up to N1 billion monthly to ease their financial struggles. The funds would be distributed through local associations, community groups, and networks.
“By the end of our administration, we aim to complete all ongoing projects and ensure that we leave a strong foundation for the next government,” Obaseki assured.
Earlier, the Speaker of the Edo State House of Assembly, Rt. Hon. Blessing Agbebaku, alongside other members, presented the revised supplementary budget to the governor. The Speaker emphasized the importance of the supplementary budget, noting that it addresses areas not initially captured in the primary budget and ensures the state’s financial needs are met as the year comes to a close.
