Edo State Executive Council has approved a revised supplementary budget of N799.820 billion from the initial N675,200 billion, representing an increase of N125 billion, or 18 percent for the 2025 fiscal year.
It was learnt that the approval followed an emergency executive meeting presided over by the Chairman-in-Council and Governor of the State, Monday Okpebholo on Monday.
Briefing newsmen after the meeting, the Commissioner for Finance, Emmanuel Okoebor, explained the rationale behind the adjustment and emphasised the government’s commitment to infrastructure development.
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He explained: “Previously, we have a budget of N675 billion with recurrent expenditure having about 33 percent and capital 67 percent.
“The new revised budget now has about 70 percent for capital expenditure as against 30 percent for recurrent expenditure.
“It shows the commitment of governor Monday Okpebholo in infrastructural development in Edo state.”
Okoebor further explained the size and nature of the increment, saying that: “The increment in the budget is about N125 billion, which signifies about 18 percent of the previous budget.
“Recurrent increased with about N12 billion, while capital is about N113 billion from the previous one. Given about 25 percent increment in Capital expenditure and just 5 percent increment in recurrent expenditure.
“It clearly shows that the government is concerned about infrastructural development making Edo people happy. We have done about 254KM of roads across the state, and many more construction works are ongoing.
“Recurrent expenditure has about 5 percent increment as the increase in minimum wage necessitated that increment including a lot of employment the present administration did in hospital management board for over 1000 and it needs to be captured.
“The budget has been increased by N125 billion, which is about 18 percent, and capita expenditure about 25 percent increment, from N450 billion to N563 billion.”
According to the Honourable Commissioner for Information and Communication, Paul Ohombamu, the revised budget is expected to be forwarded to the Edo State House of Assembly for legislative consideration and passage.
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