The Edo State Governor, Mr Godwin Obaseki, has signed a revised supplementary budget for 2024, amounting to N404 billion, which is a 22 per cent increase.
At the budget signing in Government House, Benin City, Obaseki explained that the revision was necessary due to inflation and other economic changes.
He stated, “I have signed into law the revised supplementary budget for Edo State. We have 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 have to increase our budget by about 22 per cent, to about N404 billion from the earlier projected figures. The reason we had to do this is that 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 decide on the minimum wage, which has financial implications. We didn’t anticipate that in the earlier appropriation law, which we have had to amend.”
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