Small-scale businesses in Edo State are set to receive significant financial support as part of the revised supplementary budget signed into law by Governor Godwin Obaseki on Tuesday. Out of the ₦450 billion budget, ₦5 billion has been earmarked specifically for assisting very small businesses, traders, and farmers across the state.
During the budget signing ceremony, Governor Obaseki, after being presented with the passed bill by the Speaker of the Edo State House of Assembly, Blessing Agbebaku, explained the government’s intention to disburse ₦1 billion monthly to these small-scale businesses. The funds will be distributed through market associations, age groups, and community associations, which already have existing support structures in place. This initiative is aimed at alleviating the economic hardships faced by many in Edo State due to inflationary pressures.
The governor noted that the revision of the budget was partly in response to concerns raised during recent citizens’ protests about the deteriorating welfare of the population. He emphasized that inflation has eroded much of the capital available to small businesses, reducing their trading capacity and earnings. The revised supplementary budget aims to address these challenges by providing much-needed financial relief.
Governor Obaseki expressed his gratitude to the Edo State House of Assembly for their prompt approval of the revised budget, highlighting the importance of the adjustments made. He explained that the original 2023 budget was ₦225 billion, set when the exchange rate was approximately ₦750 to the dollar. However, to grow the economy effectively, it became necessary to double the budget size and focus more on capital expenditure. The revised budget now allocates 57% to capital expenditures, an increase from the previous 55%, with the remaining 43% allocated to recurrent expenditures.
The governor assured the people of Edo State that the administration is committed to completing all ongoing projects and laying a solid foundation for the next administration. Speaker Blessing Agbebaku also emphasized the importance of the supplementary budget in ensuring that unaddressed areas are properly funded, enabling the governor to “finish well and properly.”
This revised budget reflects the state’s commitment to economic growth and efficiency, particularly in supporting small businesses, which are vital to the local economy.
