According to the governor, the document, christened ‘Budget of Resilience and Transformation,’ is informed by the need to “build a resilient and sustainable foundation for the reforms, initiatives and programmes that we have embarked on in the last six years.”

He added: “Our strategic goal is to utilise manufacturing, technology, agriculture, arts, culture and entertainment as the catalyst to promote sustained investment across all sectors of the Edo economy.”

Obaseki noted that the projected revenue for 2023 is N300 billion, consisting of N144.26 billion statutory allocation, made up of Value Added Tax (VAT) of N41.2 billion; capital receipts of 46.1bn; IGR, N60.4 billion and N4 billion from grants, among others, adding: “The balance of will be sourced from development financing and financial institutions.”

He said: “The revenue estimates for the budget is based on a $70 per barrel benchmark for crude oil and average daily production of 1.69m barrels per day as well as an increase in Internally Generated Revenue (IGR) to N60.4 billion, owing to reforms in tax collection and land management activities.

“Our intention is to push for revenue and reforms in the built environment. We are committed to boosting capital spending this year. To this end, we expect a capital/recurrent expenditure ratio of 60.2 per cent to 39.8 per cent respectively. This would reinvigorate the economy, providing the right impetus for the needed growth expected in the year.”

Receiving the 2023 budget proposal, Speaker of the Edo State House of Assembly, Marcus Onobun, hailed the governor for his efforts at ensuring economic prosperity for the state, adding: “It is worthy to note that at the presentation of the year 2022 budget, you made certain commitments to the people of Edo in relation to infrastructural transformation, healthcare, education and economic development of the State.

“It is commendable that despite the looming global economic meltdown and other uncertainties, you were able to deliver set goals as outlined. On behalf of my colleagues, I applaud you for your sterling performance despite the odds. We applaud your visionary initiatives, leadership, passion, strategic innovation and dedication to our dear state and its people.”