The Edo State Executive Council has approved a revised supplementary budget of N799.820 billion for the 2025 fiscal year, up from the initial N675.220 billion, representing an increase of approximately N125 billion, representing 18 per cent.
According to a statement issued on Tuesday by Fred Itua, the spokesperson for Governor Monday Okpebholo, the approval followed an emergency executive meeting presided over by the Chairman-in-Council and Governor Okpebholo on Monday.
Briefing reporters after the meeting, the Commissioner for Finance, Emmanuel Okoebor, explained the rationale behind the adjustment and emphasised the government’s commitment to infrastructure development.
Okoebor said, “Previously, we had a budget of N675 billion with recurrent expenditure having about 33 per cent and capital 67 per cent. The new revised budget now has about 70 per cent for capital expenditure as against 30 per cent for recurrent expenditure. It shows the commitment of Governor Monday Okpebholo to infrastructural development in Edo State.”
Okoebor further explained the size and nature of the increment.
He added, “The increment in the budget is about N125 billion, which signifies about 18 per cent of the previous budget. Recurrent increased by about N12 billion, while capital is about N113 billion from the previous one. Given about a 25 per cent increment in Capital expenditure and just five per cent increment in recurrent expenditure.
“It clearly shows that the government is concerned about infrastructural development, making Edo people happy. We have done about 254km of roads across the state, and many more construction works are ongoing.
“Recurrent expenditure has about a five per cent increment as the increase in minimum wage necessitated that increment, including a lot of employment that the present administration did in the hospital management board for over 100,0, and it needs to be captured.”
Also speaking, the Commissioner for Information and Communication, Paul Ohombamu, said the revised budget is expected to be forwarded to the Edo State House of Assembly for legislative consideration and passage.
Recall that Edo House of Assembly, on December 23 2024, passed the state 2025 budget of N675 billion, increasing it from the N605 billion estimate submitted by Okpehbolo.
The passage followed the adoption of the report of the House Committee on Budget and Project Monitoring at plenary.
Presenting the report, the chairman of the committee, Sunday Fada (PDP Esan Central), said the budget was made up of N225 billion recurrent expenditure and N451 billion capital expenditure.
Fada noted that the committee came up with the increase in the budgetary allocation to enable the governor to carry out his five-point agenda in the state.
The House at the Committee of Supply considered the budget clause by clause and subsequently approved the increase from N605.7 billion to N675 billion.
The Speaker, Blessing Agbebaku, thereafter directed the clerk of the Assembly, Yahaya Omogbai, to forward clean copies of the budget to the governor for his assent. Punch