Home News Finance Obaseki Signs Revised 2024 Budget, Raising It by 22% to N404bn
FinanceNews

Obaseki Signs Revised 2024 Budget, Raising It by 22% to N404bn

430
Obaseki Revised 2024 Budget

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.”

Read: ICC Arrest Warrants: Germany Joins France, Norway to Extradite Netanyahu on Sight

About The Author

Related Articles

Nigeria's Inflation is Not Looking Good, NBS 2024 Report Shows
FoodNews

SBM Survey Shows Worsening Food Insecurity in Nigeria and Ghana

A recent report by SBM Intelligence has shown that food insecurity is...

NewsTravel

NiMet Workers Protest Unmet Demands, Warn Nigerians: “Fly at Your Own Risk”

Operations at the Nigerian Meteorological Agency (NiMet) headquarters in Abuja were shut...

BusinessNews

Niger, UAE Firm Sign Deal to Establish Gold Refinery – Mines Minister Vows Local Processing to Benefit Citizens

Niger has signed a joint venture agreement with the Emirati company Suvarna...

FinanceNews

China to Invest $950 Million in Kenya’s Manufacturing, Agriculture and Tourism Sectors Following Ruto’s Visit

Kenyan President William Ruto has signed a $950 million agreement with China...