Governor Adams Oshiomhole of Edo state has assured that the 2013 budget estimate of N150. 045 billion presented to the state House of Assembly on Thursday, is aimed at completing on-going projects in the state.
He said that apart from meeting the basic infrastructural needs, 60 per cent of the budget would be for capital expenditure with the aim of accelerating economic growth and development in the state, while the remaining 40 per cent is for recurrent expenditure.
The Governor, while presenting the budget estimate with the title: ‘Taking Edo State to the next Level’ before the House, said N87.407 billion had been proposed as capital expenditure while the recurrent expenditure takes N62.637 billion.
A further breakdown of the capital expenditure shows that Works, with more concentration on roads, got the biggest chunk of the allocations with N33.35 billion. This was closely followed by Education with N14.55 billion; Drainage and Sewage Environmental Protection N13.29 billion, Health, N2.80 billion and Water N1 billion respectively.
The Governor proposed that Capital Receipts would amount to N64.341 billion while a projected deficit of N23.065 billion is to be funded through the World Bank Budget Support Facility and additional credit lines.
Governor Oshiomhole added that N116.479 billion is proposed as recurrent revenue with N86.51 billion being statutory receipts and N26.97 billion being the Internally Generated Revenue (IGR).
“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 House, through its Speaker, Rt. Hon. Uyi Igbe, however promised to ensure accelerated handling of the Appropriation Bill in order for the government to meet the goals it has set for itself.
