Governor Godwin Obaseki’s administration received N204 billion as revenue within the first half (six months) of the 2024 fiscal year, according to the Edo State Budget Performance Report.
The figure is an aggregate of all revenues the state government has received: its own share from Federal Account Allocation Committee (FAAC), Internally Generated Revenue, other receipts and the opening balance during the first and second quarters of 2024.
The Budget Performance Report (BPR) is produced quarterly by the Office of the Accountant General of the state in collaboration with the Ministry of Budget and Economic Planning and published on the state website.
The report is, however, yet to be audited.
The BPR indicates that the state government began the 2024 fiscal year with an opening balance of N14 billion in the first quarter (Q1), spanning January to March.
Within the same period, Governor Obaseki’s administration received N71 billion as recurrent revenue.
A breakdown of the figure indicates that the state government received N54 billion as FAAC revenue and N16.9 billion as independent revenue, otherwise called IGR.
In other receipts, the administration received N5 million in aid and grants and N633 million in capital development funds.
Aggregating the figures with the opening balance of N14 billion indicates the state made a total revenue of N85.9 billion, representing 25.1 per cent.
The report also shows that the Edo State Government made a total expenditure of N64.8 billion within the period, leaving a balance of N21.1 billion in the first quarter of the year.
In the second quarter (Q2), the state FAAC revenue recorded a significant leap compared to Q1. In Q2, the FAAC revenue rose from N54 billion in Q1 to N99.4 billion in Q2, representing an increase of 84 per cent. The state’s IGR also recorded a 0.5 increase within the period, from N16.9 billion in Q1 to N17.1 billion in Q2.
