The Edo State Governor Comrade Adams Oshiomhole says in a bid to stimulate productive activities, enhancing sustainable livelihood, improving human welfare and boosting economic growth in the state through investment in physical infrastructures, a total of N148.84 Billion has been proposed to be spent in the 2012 appropriation year against the N133, 89 billion budgeted for in the outing year of 2011.
Oshiomhole, who disclosed this yesterday while presenting his 2012 budget proposal before the members of the Edo State House of Assembly christened a budget of ‘continuity’ said it is aligned strategically to priority, areas adding that among the primary areas of the budget is to address the completion and extension of ongoing infrastructural projects to other communities including the maintenance of completed and existing infrastructures.
He noted? that the budget is aimed at improving the delivery capacity of public institutions and personnel? sum of N83.9 billion is proposed as capital expenditure, while N63.97 is earmarked for recurrent expenditure.
He explained that the increase in high recurrent expenditure was due to the implementation of the new wage structure of the state and also the need to provide for emoluments of professional staff to be recruited in key MDA’s, adding that in spite of the increase “we have restructured the 2012 budget to allocate more resources to infrastructures and project on a 57% to 43% in favor of capital expenditure”.
“A higher IGR is projected for the 2012 budget year, this reflect our conviction that we must continuously boost the capacity of the state to fund its operation from internally derived source”
Obviously to allay fears among the down-trodden of likely tax rise added, “I wish to re-assure our people that this administration’s taxation policy will remain progressively by imposing the bulk of the burden on individuals and institution that can afford to pay” he added.