Thursday, 12 December 2013
Edo State Governor, Adams Oshiomhole, yesterday presented a budget estimate of N159.213 billion to the House of Assembly for the 2014 fiscal year.
The budget christened, Budget of Renewed Hope, is made of N85.6 billion (53 per cent), capital expenditure and N73.6 billion (46.2 per cent) recurrent expenditure.
The 2014 budget is about N5 billion higher than 2013 budget, which was N154, 125, 498.26 billion.
Presenting the budget, Governor Oshiomhole explained that the N1156 billion recurrent revenue component of the budget would be financed from statutory receipt of N65.3 billion; internally generated revenue of N25.095 billion; aids and grants of N4.9 billion; value added tax of N8.2 billion; share of excess crude account of N6.4 billion and capital receipt of N5.6 billion.
He said the N73.6 billion recurrent expenditure component of the budget that consisted of personnel cost, N31.2 billion; overhead cost,N16.4 billion; pension and gratuities, N5.0 billion; statutory office holders salaries, N0.250 billion and public debt charges, N20.6 billion.
Sectoral allocation of the budget indicated that road construction had the lion share of N24 billion; education, N15 billion; environment, N10.3 billion; health, N8 billion and agriculture, N1.5 billion.
Governor Oshiomhole said the goals of the budget was to complete ongoing infrastructural projects; provision of qualitative and affordable education and healthcare delivery services; creation of investment-friendly environment for a private sector driven economy; pursuit of human capital development; development of agriculture for employment generation, self-sufficiency and self-reliance in food and raw material production and intensification of internal revenue generation, collection and administration.
“The outlook for our state in 2014 is very promising, despite the drop in inflows from the Federation Account and Internally Generated Revenue, we have witnessed in 2013. We have a sound development strategy and we have drawn important lessons in the process of implementation of our projects and programmes over the years. We also have in abundance the political will, and critical mass of support to drive our development agenda, sustain the gains we have so far made and break new grounds,” the governor said.