BY IKHILI EBALU, BENIN CITY.
Governor Godwin Obaseki on Wednesday presented a budget proposal of N214.2 billion for the 2022 fiscal year to the state House of Assembly for consideration and approval.
The budget Christened ‘Budget of Renewal, Hope and Growth showed an increase of 32.9 percent over the 2021 approved budget of N161 billion.
Presenting the budget, Obaseki said that it was made up of N95.9 billion recurrent expenditure and N118 billion capital expenditure.
“Mr Speaker, the increase in capital expenditure over the previous year’s approved budget underscores my administration’s commitment to enhance and stimulate the ease of doing business .
“Recurrent estimates of the budget are based on $57 per barrel bench mark for crude oil and an average daily production of 1.88 million barrels per day as well as increase of our IGR to N50.2 billion.
“The proposed capital and recurrent expenditures ratios is put at 55 percent to 45 percent respectively.
“The total projected IGR for 2022 is N186 billion consisting of N65 billion statutory allocation.
“Value added tax of N23 billion, IGR of N50.3 billion and N11.6 billion from grants,” he said.
During the presentation, the governor proposed N24.6 billion for Education, Health N14.1 billion, Government buildings N21 billion, Road/Bridges N30 billion, Youth/Social Development N5 billion and Environment N8 billion.
Others are Agriculture N4.6 billion, water N1.2 billion, Electricity N2.7 billion and public safety and security N9.2 billion.
The budget proposal also included Technology enhancement N7.6 billion, enhancing working environment N15 billion, Tourism and development of Benin cultural districts N2 billion and administration of justice N5 billion among others.