Edo State: Obaseki budgets N177bn for 2020

Edo State: Obaseki budgets N177bn for 2020

Edo State Governor, Godwin Obaseki has presented a budget of N177 billion to the State House of Assembly for approval for the 2020 fiscal year.

The budget is 3.34 per cent higher than the 2019 figure of N175 billion. The budget has N85 billion recurrent expenditure and N92 billion capital expenditure.

According to Obaseki, the budget was to consolidate and complete all ongoing projects in the state.

He said the projected revenue for 2020 was estimated at N145 billion consisting of N68 billion statutory allocation, N14.5 billion VAT, N40.3 billion Internally Generated Revenue (IGR), N15.3 billion grants.

Obaseki added that the balance of N32 billion was to be sourced from development financing, saying his government had based the budget on a 60 dollar per barrel of oil, and an average of 3.2 million barrel per day, while IGR is expected to rise with our reforms,.

In the budget, N3 billion would be used to host the National Sports Festival and Female U-20 World Cup.

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