Governor Obaseki Approves N450bn Revised Supplementary Budget

In a move aimed at bolstering the economy of Edo State, Governor Godwin Obaseki has signed into law a revised supplementary budget of N450 billion.

This development comes less than 40 days before the governorship election scheduled for September 21, 2024, and just 100 days before the end of his second tenure.

The revised budget marks an increase from the N409 billion supplementary budget approved in May 2024.

The initial supplementary budget was already N17.5 billion higher than the N342.8 billion appropriation bill assented to in December 2023.

Governor Obaseki explained that the revision was necessary to address the new monthly minimum wage of N70,000 for state workers and to ensure the completion of projects initiated during his eight-year administration.

One of the key highlights of the revised budget is the allocation of approximately N5 billion to support small businesses in the state.

"We are providing in this budget up to N5 billion, which we plan to disburse up to N1 billion monthly to help very small businesses, traders, and farmers access capital," said Governor Obaseki.

He emphasized that this initiative aims to mitigate the impact of inflationary pressures on small businesses, whose capital has been significantly eroded.

The governor also noted that the budget revision would enhance the efficiency of resource allocation, with a shift in the expenditure ratio.

"This appropriation is now 57 per cent for capital and 43 per cent for recurrent expenditures. You can see that a lot more efficiency and resources are going to our people," he stated.

Governor Obaseki assured the public that his administration's focus in its remaining months would be on completing ongoing projects and laying a solid foundation for the next administration.

"For the few months left in the life of my administration, my goal is to ensure that I complete all projects started and to leave a solid foundation on which the next administration will be built," he affirmed.