Edo Assembly Passes N153b Budget

Budget 2017 year on cube with pencil and clockBudget 2017 year on wood cube with pencil and clock top view on wood table,New year business concept.
  • Edo Assembly Passes N153b Budget

The Edo state House of Assembly yesterday passed the state’s 2017 budget proposal of N153.18bn indicating an increment of N3 billion from the approximate N150 billion proposal submitted by Governor Godwin Obaseki in December 2016.

The Chairman, Assembly Committee on Appropriation and Project Monitoring, Damian Lawani (APC Etsako Central), said the budget reflected the needs of the people and was designed to consolidate and complete all ongoing projects.

During the consideration of the bill, N76.6bn was allocated for capital expenditure, while N76.5bn was allocated for re-current expenditure. The breakdown of the proposal showed that N18.5bn, N7.2bn, N3.6bn and N6.034bn were allocated for the recurrent expenditure of the administrative, economic, law and justice and social sectors, respectively.

Also, N5.68bn, N47bn and N1.84bn and N22.09bn were allocated for the capital expenditure for the administrative, economic, law and justice and social sectors, respectively.

The Speaker, Mr. Justin Okonoboh, directed that the clean copies of the bill be sent to the governor for his assent.

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Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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