Obaseki signs N404b revised 2024 budget into law

Edo State Governor Godwin Obaseki has signed the 2024 revised supplementary budget of N404 billion into law.

Obaseki, while signing the budget at the Government House in Benin, said the revision was necessary because of the inflation, because the adjustments had to reflect new realities.

“I have signed into law the revised supplementary budget for Edo State. We had to amend the 2024 Appropriation Act, which was passed late last year, because of developments that have occurred in the economy in the first five months of the year.

“We had to increase our budget by about 22 per cent, which amounts to about N404 billion, from the earlier projected figures. The reason is because from the first quarter of this year, we saw a 100 per cent budget performance for that period.

“Also, because of the inflationary trend in the economy, we have had to adjust our capital budget to reflect the new trend we are seeing. We also had to make a decision on the minimum wage, which has financial implications. We did not anticipate that in the earlier appropriation law, which we have had to amend.

“We expect that even with the revised and supplementary appropriation bill, we will meet the target, which is N404 billion, which is now the proposed budget for the year,” he said.