Obaseki presents N175bn 2019 budget proposal to Edo Assembly

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Governor Godwin Obaseki of Edo State on Monday presented a budget proposal of N175 billion for 2019 fiscal year to the state House of Assembly.

The News Agency of Nigeria (NAN) reports that the budget proposal is 9.2 per cent above the 2018 budget of N146 billion.

The proposed budget tagged: “Budget of Socio-Economic Inclusion’’ has N95.8 billion as capital expenditure, while N79.9 billion is proposed for recurrent expenditure.’’

The governor said the budget proposal had a deficit of N27.4 billion which would be funded through internal and external financial interventions from the Central Bank of Nigeria (CBN)’s special programmes and World Bank.

He said the budget was planned with $60 benchmark crude oil price and increased state internally generated revenue.

‘‘The 2019 budget will consolidate on the infrastructural and socio-economic gains of the outgoing year 2018,’’ he said.

NAN further reports that the budget breakdown shows that N42.7 billion is allocated to infrastructure development; N9.3 billion for health; N26.8 billion for education and N7 billion for investment promotion.

Others are N2 billion for security; N9 billion for payment of pension while N967 million is proposed for the judiciary.

(NAN)

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News Agency of Nigeria (NAN) is a news reporting agency owned and run by the Federal Government of Nigeria just like Nigerian Television Authority.[1] On 10 May 1976 the agency was founded and established by Onitsha noble Onuora Nzekwu who was its first official Managing Director and Chief Editor. On 2 October 1978 its operations began.[2][3] NAN provides General News Service to subscribers in three bulletins published daily. The agency’s website www.nan.ng was launched on 8 August 2016, to offer news to the worldwide audience interested in news primarily about Nigeria, Africa’s most populated country. The current Managing Director of NAN is Bayo Onanuga.

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