Small-scale businesses in Edo State are poised to receive substantial financial assistance as part of the newly revised supplementary budget, which was signed into law by Governor Godwin Obaseki on Tuesday. From the total ₦450 billion budget, ₦5 billion has been allocated specifically to support very small businesses, traders, and farmers throughout the state.
During the budget signing ceremony, Governor Obaseki, after receiving the passed bill from the Speaker of the Edo State House of Assembly, Blessing Agbebaku, outlined the government’s plan to distribute ₦1 billion monthly to these small-scale enterprises. The funds will be channeled through market associations, age groups, and community associations, leveraging existing support structures. This initiative is designed to mitigate the economic challenges faced by many in Edo State due to the pressures of inflation.
The governor explained that the budget revision was partially a response to concerns raised during recent public protests regarding the declining welfare of the population. He emphasized that inflation has significantly diminished the capital available to small businesses, reducing their trading capacity and overall earnings. The revised supplementary budget aims to address these issues by providing critical financial support.
Governor Obaseki expressed his appreciation to the Edo State House of Assembly for their swift approval of the revised budget, stressing the importance of the changes made. He noted that the original 2023 budget was ₦225 billion, set at a time when the exchange rate was approximately ₦750 to the dollar. However, in order to effectively stimulate economic growth, it became necessary to double the budget and place greater emphasis on capital expenditures. The revised budget now dedicates 57% to capital expenditures, an increase from the previous 55%, with the remaining 43% allocated to recurrent expenditures.
The governor reassured the people of Edo State that his administration is dedicated to completing all ongoing projects and establishing a strong foundation for the next administration. Speaker Blessing Agbebaku also highlighted the significance of the supplementary budget in ensuring that previously unaddressed areas receive adequate funding, allowing the governor to “finish well and properly.”
This revised budget underscores the state’s commitment to fostering economic growth and efficiency, with a particular focus on supporting small businesses that are crucial to the local economy.