Obaseki presents n175.7bn budget proposal for 2019 to edo assembly – edo in safe hands electricity omd


Presenting the 2019 Budget Estimates to a session of the Edo State House of Assembly in Benin City, the state capital, Obaseki said: “our budget size for 2019 fiscal year is N175.7 billion, which is a 9.20 per cent nominal increase from the 2018 budget. This budget comprises N79.9 billion for Recurrent and N95.8 billion for Capital expenditures.

According to Obaseki, “the 2019 budget proposal “Reflects this administration’s intention to promote social inclusion and economic empowerment for Edo citizens, through the deepening of investments in socio-economic, governance and security infrastructure; and through the implementation of initiatives that guarantee equal access to education, health care and social protection.

He highlighted the focus of 2019 budget proposal as: Continued investment in the rehabilitation of existing (and the development of new) socio-economic infrastructure; Strengthen internal capacity for project execution & governance; Scale up investments in socio-welfare enhancement programmes (in education, healthcare and rural development); Continued investment in programmes/projects for job creation particularly through Industrialisation, Agriculture, and Micro Small and Medium Enterprises (MSME) development as well as Enhanced investment in Security and Administration of Justice.”

He noted that the 2019 budget proposal reflects his administration’s “unflinching commitment to our people and their social, economic and infrastructural wellbeing, which explains why a significant aspect of the capital expenditure is allocated for infrastructural projects, stimulate socio-economic growth, provide quality education, health care and boost wealth creation to ensure our people reap the benefits from increased investment.”

The governor added that: “Our big-ticket projects, including the Benin Industrial Park, the Benin River Port and Edo Modular Refinery Project, are well on course. gas national average 2009 N3 billion has been set aside as the contribution of the state as initial investment commitment for the Benin Industrial Park, the necessary preliminary works are ongoing and in no distant time, the first set of companies will set up shops to provide jobs and services in the state.

“Much as we are intensifying effort to complete reconstruction of roads across the state, we are also ready to commence new ones to close the infrastructure gaps in the state. Work on the roads will be ramped up during the dry season. e85 gas stations in houston Other necessary infrastructure to complement our investment drive will also be catered for. gas 2 chainz As a result, N42.719 billion has been earmarked for infrastructure development to drive economic activities.

“Our efforts at expanding the state’s economic base will receive a major boost this year as we plan to spend N7.007 billion on investment promotion, which will help bring to fruition a number of our investment initiatives. Through this, we intend to provide guarantee for investments from the private sector, match funding for projects, and provide the right environment for investors to come on board.

“Considering the nexus between investment and security, we will reinforce our security architecture with N2 billion which will be contributed to the State Security Trust Fund. gas near me We expect that well-meaning Edo citizens and corporate bodies will also contribute to this fund towards ensuring improved safety of lives and property within the state.

“The emphasis of this administration on the enthronement of law and order will be consolidated in this budget year. We will focus on enhancing security and administration of justice, for which we have earmarked N0.967 billion to the Judiciary, Law Reform Commission and the Ministry of Justice. gas oil mix ratio chart This will enhance the fight against human trafficking and illegal migration, deepen our judicial reforms and ensure that everyone, regardless of social or economic standing, is treated fairly before the law.

“All these are critical to our overall vision of unleashing the investment potentials and attracting Foreign Direct Investment (FDI) to the state. As you all know, businesses cannot thrive in an atmosphere of chaos. This is why we are strengthening institutions that promote law and order to guarantee faith in the system and, at the same time, protect the rights of everyone.

“We continue to appreciate the labour of our senior citizens whose sweat built our state and its institutions. gas vs diesel rv Therefore, we take the issue of pension payment as our utmost priority. npower electricity bill In 2018, we have spent N8 billion in pension payment. We plan to spend another N9 billion to pay pension, gratuity as well as arrears owed from previous years.

Reviewing economic developments in the outgoing year, (Domestic Macroeconomic highlight 2018), Obaseki explained that “In the first six months of 2018, the Nigerian economy recorded improvements that were engendered by increasing business activities, rising oil prices in the global market, increased domestic oil output and declining inflation.

“As a result of uncertainties which were triggered by the late passage of the federal budget, GDP growth rate slowed down from 2.11 per cent in the last quarter of 2017 to 1.94 per cent in the first quarter of this year. Economic activities however remained buoyant, with manufacturing purchasing manager’s index (PMI) as measured by CBN, closing at 56.8 in October from 56.3 in February 2018. (The PMI is an indicator of economic health for manufacturing and service sectors of the national economy).

“In the non-oil sector, we expect a sustained positive performance in manufacturing and services due to higher consumer spending (as higher government revenues which are ensuring the settlement of outstanding salary obligations across states and a new minimum wage, will boost household income). mafia 2 gas meter In agriculture, we expect a boost in 2019 as governments move to enhance stability and productivity in this sector.