—to borrow N25billion to fund the budget
In his first budget presentation since assumption of office as the elected governor of Edo State, Godwin Obaseki Monday presented a budget of N150billion for the 2017 financial year to the State House of Assembly for consideration and approval.
The 2017 budget proposal christened, “Budget of consolidation and prosperity” will be funded with N25billion external borrowing from the third tranche of the World Bank budget support facility.
Obaseki who presented the budget to members of the State House of Assembly at plenary session said the 2017 budget size was 29 percent higher than the 2016 budget estimates of N116billion.
He said the budget’s revenue was premised on $42 benchmark price for crude oil and an average production of 1.9million barrels per day as well as improved performance of Internally Generated Revenue.
He added that the budget was made up of N7billion for recurrent expenditure and N75billion capital expenditure. Details later.