Oshiomhole Proposes N159.2bn Budget For 2014 Fiscal Year

GOV. ADAMS OSHIOMHOLE OF EDO (R), PRESENTING THE 2014 BUDGET ESTIMATES TO THE SPEAKER OF THE STATE HOUSE OF ASSEMBLY, MR UYI IGBE IN BENIN ON WEDNESDAY
GOV. ADAMS OSHIOMHOLE OF EDO (R), PRESENTING THE 2014 BUDGET ESTIMATES TO THE SPEAKER OF THE STATE HOUSE OF ASSEMBLY, MR UYI IGBE IN BENIN ON WEDNESDAY
Gov. Adams Oshiomhole of Edo on Wednesday in Benin proposed N159.213 billion for its recurrent and capital expenditures in 2014.
The budget, tagged “Budget of Renewed Hope”, is made up of N85.59 billion capital expenditure and N73.61 billion for recurrent expenditure.
The capital and recurrent figures represent 53.76 per cent and 46.24 per cent of the total budget respectively.
According to Oshiomhole, the capital expenditure consist N1.4 billion for administrative sector, economic sector N45.9 billion, law and justice N0.65 billion and social sector N37.6 billion.
He said the recurrent expenditure consisted N31.2 billion for personnel cost, overhead cost N16.4 billion, pension and gratuity N5.0 billion, public debt charges N20.6 billion and statutory office holders’ salaries N250 million.
The governor explained that the N115.6 billion proposed as recurrent revenue was made up of statutory receipts of N65.33 billion and internally generated revenue of N25.1 billion.
Others are aids and grants N4.9 billion, Value Added Tax N8.3 billion, share and excess crude N6.4 and capital receipts N5.6 billion.
He stressed that in 2014, government would continue to accord priority to the construction of good road networks for sustainable socio-economic development of the state.
He said that a sum of N24 billion was proposed for construction and maintenance of roads in the state to enhance movement of goods and services.
Oshiomhole said N15 billion had been set aside for education sector, while N10.3 billion, N8 billion, N1.5 billion and N500 million were proposed for the environment, health, agriculture and energy sectors, respectively.
N1.5 billion was also proposed for the water resources sector.
Oshiomhole explained that the 2014 budget was designed as a launch pad to propel the state to higher levels of development possibilities.
Reviewing the 2013 budget, Oshiomhole said that the House of Assembly approved a total budget of N154.125 billion for the 2013 financial year as amended.
He said that N66.242 billion was approved as recurrent expenditure, while the approved capital expenditure was N87.883 billion.
According to the governor, the approved recurrent revenue for 2013 was N130.7 billion.
He said that N90.7 billion represented anticipated receipts from the Federation Account, N28.979 billion Internally Generated Revenue, while Aids and Grants, and opening balances accounted for N8.548 billion and N2.50 billion, respectively.
However, the 2014 capital expenditure is N2.3 billion lower than that of 2013, while the recurrent expenditure for 2014 is N7.4 million more than the previous year.
The budget estimate for the economic sector is the highest with N45.9 billion, while that of energy is the least with N500 million. (NAN)

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