Monday, June 24, 2024
spot_img
HomeLatestGov Obaseki Signs Revised 2024 Budget into Law

Gov Obaseki Signs Revised 2024 Budget into Law

Governor Godwin Obaseki of Edo State has signed into law a revised supplementary budget for 2024, totaling N404 billion, marking a 22 percent increase from the original budget.

During the signing ceremony at the Government House in Benin City, Governor Obaseki explained that the revision was necessitated by rising inflation and other economic changes observed in the first five months of the year.

“I have signed into law the revised supplementary budget for Edo State. We needed to amend the 2024 Appropriation Act, initially passed late last year, to accommodate the economic developments that have occurred,” Obaseki stated.

The governor highlighted that the budget increase, from the earlier projected figures to N404 billion, was driven by a 100 percent budget performance in the first quarter and the impact of inflation on the economy. Adjustments were made particularly to the capital budget to reflect these new economic realities. Additionally, the decision to implement a new minimum wage, which was not anticipated in the original budget, necessitated further amendments.

Obaseki expressed confidence that the revised budget would meet its target, emphasizing the priority on capital expenditure over recurrent spending.

“Even with the revised and supplementary appropriation bill, we are focused on ensuring that our spending is more on capital projects than on recurrent expenditures,” he added.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

×