Governor Godwin Obaseki of Edo State has unveiled a balanced budget of N150.01 billion that would focus on six key policy areas of Economic Revolution, healthcare services, infrastructure development, institutional reforms, environmental sustainability, social welfare enhancement and culture and tourism for the 2017 fiscal year.
The budget, which is 29 per cent bigger than that of 2016 has a recurrent expenditure component of N74.9 billion and capital expenditure of N75.111 billion, the governor said, is part of the administration’s plans to guide the state out of recession.
The deficit of N25 billion in the 2017 “Budget of Consolidation and Prosperity,” unveiled before the State House of Assembly, he added, is still within the acceptable threshold and would “be funded mainly by external borrowing from the third tranche of the World Bank budget support facility,” he added.
In his review of the 2016 buget, Governor Obaseki said “the crises we face today are not insurmountable, with focused planning, discipline and faith in God, we can develop a modern and progressive Edo State, where every citizen is empowered with opportunity to live life in its fullness.”
He said the policy directions of the budget were largely informed by is interaction with Edo people during the gubernatorial campaign “which was validated in a strategy dialogue comprising political, religious and traditional leaders, professionals, civil society, women and youth groups.