Edo State Governor Godwin Obaseki signed a revised supplementary budget of N450 billion into law on Tuesday.
During a ceremony at the Exco Chamber of the Government House in Benin, he announced an appropriation of approximately N5 billion to support the growth of small businesses in the state.
Obaseki expressed gratitude to the Speaker and members of the Edo State House of Assembly for their prompt approval of the revised budget.
He highlighted the need for the revision due to the previous budget's inadequacy, noting that the 2023 budget was N225 billion with an exchange rate of N750 to a dollar. He emphasized the necessity to double the budget size to foster economic growth in Edo State.
The revised budget aims to provide N5 billion, allowing for disbursements of up to N1 billion monthly to assist small businesses, traders, and farmers in accessing capital. The government plans to collaborate with market associations and community groups to alleviate the hardships faced by Edo residents.
Obaseki indicated that the revised budget reflects a significant improvement in capital expenditure, with a ratio of 57 percent for capital and 43 percent for recurrent expenditures, compared to the previous 55 percent for capital. He assured citizens that the administration would focus on completing ongoing projects before its term ends.
Speaker Blessing Agbebaku presented the revised appropriation law, emphasizing the necessity of supplementary budgets to address unbudgeted areas as the year concludes.
Additionally, the state government announced plans to unveil a new development plan for Edo State and Benin City on August 27, marking the state's 33rd anniversary.
