Governor Godwin Obaseki presented a budget of 214.2 billion naira to the Edo State House of Assembly on Wednesday for fiscal year 2022.
Naija News reports that the 2022 budget represented an increase of 32.96% over the N161.1 budgeted for the year 2021.
Obaseki, who presented the budget to the Assembly sitting in the newly renovated Anthony Enahoro Assembly Complex in Benin City, said the budget includes 118.3 billion naira for capital and 95.9 billion naira for recurring expenses.
According to the governor, the document, dubbed “Budget for Renewal, Hope and Growth,” aims to strengthen reforms in the government process, stimulate economic prosperity and improve the ease of doing business in order to attract permanent private capital to generate sustainable development.
Obaseki said that the total revenue forecast for 2022 is 186 billion naira, including a statutory allocation of 65 billion naira; Value added tax (VAT) of 23 billion naira; IGR, N50,3billion and N11.6billion of grants, among others, adding that “The revenue estimates for the budget are based on a benchmark of $ 57 per barrel for crude oil and an average daily production of 1.88 million barrels per day as well as an increase in internally generated revenue (IGR) at 50.3 billion naira, due to tax collection and management reforms.
Obaseki said the impact areas for FY2022 include roads and bridges, which will swallow N30 billion; education, 24.6 billion naira; buildings, 21 billion naira; improvement of the working environment, N15bn; health 14.1 billion naira; public safety and security, N9.2bn and the environment, N8bn.
Other critical areas include social and youth development, N5bn; agriculture, 4.6 billion naira; improved technology, 7.6 billion naira; effective tax and regulatory policies favorable to business, 4.5 billion naira; water, 1.2 billion naira; electricity, 2.7 billion naira; citizen reorientation, N1.5 billion and social protection, N 1.2 billion.
According to him, the budget for fiscal year 2022 is informed by the government’s program Making Edo Great Again (MEGA), which prioritizes the promotion of social inclusion, the economic empowerment of Edo citizens, through the deepening of investments in the socio-economic fields, governance and security infrastructures; and through the implementation of initiatives guaranteeing equal access to education, health care and social protection.
“Budget 2022 is focused on strengthening citizens’ sense of belonging and offering them the opportunity to understand, participate and contribute to the deepening of governance. We offer our people an oasis of hope despite the harsh realities we face as a sub-national in a country facing a number of development challenges.“, noted the governor.
Regarding the achievements of the current year, Obaseki said: “In 2021, despite the harsh economic realities, our government has taken a number of steps in our quest to provide good governance to the people of Edo. While we have faced the challenge of the coronavirus pandemic and the shocks of its impact on the economy as well as other headwinds, we have wisely managed the meager resources available to us to initiate and continue investments in human capital, upgrading of infrastructure, improving productivity. in the business space and promote economic rejuvenation.
“Over the past year, we have implemented a major institutional transformation exercise, which aims to retool, unbundle, restructure and energize government systems and staff to adapt and deploy tailor-made practices to improve service delivery.
“We have launched the Edo State Civil / Civil Service Transformation Program (EdoSTEP) to institutionalize and oversee this process, just as ongoing in-service capacity improvement programs are underway at John Odigie. -Oyegun Public Service Academy. “
Receiving the 2022 budget proposal, Edo State Assembly Speaker Marcus Onobun assured the governor that the legislative arm will continue to work in harmony with the executive to ensure socio-economic growth and state development.