Victor EzejaEDO State Governor, Godwin Obaseki has presented a budget proposal of N214.2 billion for the 2022 fiscal year to the state House of Assembly for consideration and approval.
Obaseki who presented the budget tagged ‘Budget of Renewal, Hope and Growth’ on Wednesday, said it was made up of N95.9 billion recurrent expenditure and N118 billion capital expenditure.
The budget breakdown indicated an increase of 32.9 per cent over the 2021 approved budget of N161 billion.
The governor explained that the increment in the capital expenditure over the previous year was a reflection of his administration’s commitment to boosting socio-economic activities in the state.
He further stated that the estimates for recurrent expenditure in the budget were based on $57 per barrel benchmark for crude oil and an average daily production of 1.88 million barrels per day as well as an increase of the state’s IGR to N50.2 billion.
“The proposed capital and recurrent expenditures ratios are put at 55 per cent to 45 per cent respectively.
“The total projected IGR for 2022 is N186 billion consisting of N65 billion statutory allocation.
“Value-added tax of N23 billion, IGR of N50.3 billion and N11.6 billion from grants,” he said.
“The proposed capital and recurrent expenditures ratios are put at 55 per cent to 45 per cent respectively.
“The total projected IGR for 2022 is N186 billion consisting of N65 billion statutory allocation.
“Value-added tax of N23 billion, IGR of N50.3 billion and N11.6 billion from grants,” Obaseki stated.
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The governor also proposed N9.2 billion for security, N7.6 billion for Technology, Agriculture N4.6 billion, and water N1.2 billion.
Others are N2.7 billion for Electricity, N15 billion for Tourism and development of Benin cultural districts, among others.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
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