Governor Adams Oshiomhole of Edo State has presented the state’s 2013 budget estimates of N150,045,377,060 billion to the State House of Assembly for consideration with capital expenditure taking 60% of the budget.
Tagged: “Taking Edo State to the next Level” the 2013 estimate is lower than the 2012 budget of N150.97 billion.
According to the Governor, “the 2013 budget proposal is geared towards lifting our state to the next level of development beyond the steady and sustainable progress we have made in the last four years.
The 2013 budget is not only targeted at the completion of ongoing infrastructural projects but also aimed at accelerating the growth and development of the state”.
The Governor disclosed that the sum of N87,409,475,855 billion representing 60% is being proposed as capital expenditure while the proposed Recurrent Expenditure is N62,637,901,205 billion which represents approximately 40% of the budget, adding “we are sustaining the tradition of putting more funds into the capital expenditure.”
In the sectoral allocations, Works is to take the lion share of the Capital expenditure followed by education. Oshiomhole said: “the proposed N87.40 billion capital project will be allocated to the following priority areas: Works (road) N33.35 billion, Education N14.44 billion; Drainage and Sewage Environmental Protection N13.29 billion, Health, N2.80 billion and Water N1 billion.”
According to him, “the budget allocates the sum of N33,351,000,000 billion for all road infrastructure across the state. This will be used to complete ongoing inter and intra-city road projects in addition to funding new road projects”.
The sum of N13,293,000,000 billion is allocated to Flood and Erosion Control and Environmental Protection, N8 billion allocated for the execution of projects under the Benin City Storm Water Masterplan while education has N14.6 billion capital and N12.1 billion recurrent expenditure.
The Governor said the sum of N6.78 allocated to the Health has N2.8 billion for capital expenditure.
In the area of electricity, the Governor said “in the 2013 fiscal year, it is the intention of government to complete on-going rural projects, embark on new ones and procure more transformers and feeder pillars. Therefore, government has proposed the sum of N765 million for the 2013 fiscal year”.
The Agriculture and water Sub-section got N400 million and N1 billion respectively.
Oshiomhole said: “the essence of taking Edo State to the next level is hinged on the concept of carrying out institutional reforms to guarantee and sustain irreversible development”, thanking the Speaker and members of the Assembly for their co-operation.
On funding the budget, Governor Oshiomhole said the sum of N116,499,778,045 billion is proposed as recurrent revenue with N86.51 billion as statutory receipts and N26.97 billion Internally Generated Revenue. He said projected Capital receipts amounts to N64,341,876,840:00 billion while a projected deficit of N23,065,599,915 billion is to be funded through the World Bank Budget Support Facility and additional credit lines.
Responding, the Speaker of the State House of Assembly, Hon. Uyi Igbe assured that the budget would be given speedy consideration.