Oshiomhole Proposes N111.5bn for 2016 fiscal year

Source: thewillnigeria.com

BEVERLY HILLS, December 14, (THEWILL) – Edo State Governor Adams Oshiomhole on Monday presented N111.5 billion budget estimate for the 2016 fiscal year to the Edo State House of Assembly for approval.

THEWILL reports that the budget estimate tagged “Budget of Finishing Well” is 12.6 percent lower than the 2015 budget, revised downward to N127.01 billion due to economic realities.

Oshiomhole, who presented the budget to members of the Edo State legislature, said the reduction in the 2016 budget proposal was in line with current economic realities, especially developments in the international oil market and the dwindling inflows from the Federation Account.

He said the budget was made up of N58.9 billion for capital expenditure, representing 52.84 percent, while the recurrent expenditure had N52.6 billion, representing 47.16 percent, respectively.

The policy focus of the year 2016 budget is the completion or near completion of ongoing road construction/rehabilitation projects across the state, he said, noting that roads at various stages of completion will be accorded priority.

A breakdown of the budget shows that education and health sub-sectors will get the lion share with N14 billion each, followed by roads infrastructure at N9.24 billion and flood and erosion control at N8 billion.