Governor Godwin Obaseki of Edo State on Wednesday presented budget proposal of N146. 659 billion for 2018 fiscal year to the state House of Assembly.
The News Agency of Nigeria (NAN) reports that the budget proposal is 15 per cent above the 2017 budget of N127.921 billion.
The 2018 budget, tagged “Budget of Growth”, has N79. 8 billion voted for capital vote, while N66. 8 billion was proposed for recurrent expenditure.
The governor said the budget proposal had a deficit of N26.56 billion which would be funded through internal and external financial interventions from Central Bank of Nigeria (CBN) Special programme and World Bank.
He said the budget was planned with 45 dollars bench mark crude oil price with a production of 2.3million per day and increased state internally generated revenue.
“We envision a future that will create jobs; the 2018 budget will consolidate on the infrastructural and socio-economic gains of the outgoing year 2017,” Mr. Obaseki said
“It will drive our transformation agenda in various sectors such as infrastructural development, enhancement of social welfare and sustainable environmental projects.
The budget breakdown shows that N51.7 billion was allocated to infrastructure development, N9.7 billion for economic growth and employment, N6.3 billion for education, while health will gulp N3.3 billion.