Governor Willie Obiano of Anambra State on Tuesday presented a budget proposal of N143.65 billion for 2021 fiscal year to the state House of Assembly for approval.
Obiano said the budget tagged budget of “Economic Recovery and Consolidation” would help sustain past performance and ensure the state maintained its status as a hub for business and a destination for new investments.
According to him, N86.9 billion will be spent on capital expenditure, translating to 60.5 per cent of the budget, while N56.8 billion will go to recurrent expenditure, translating to 39.5 per cent of the budget.
He said the estimate was premised on the crude oil price benchmark of $35 per barrel.
Obiano said expected revenue from Value Added Tax was N20.8 billion, while other capital receipts would be N20.9 billion.
READ ALSO: Concerns over Wizchino’s slow Lagos-badagry Lot-3 road project under FERMA
The governor said that N36.6 billion would be raised from Internally generated Revenue (IGR)
On personnel expenditure, Obiano said that N17.6 billion would be spent as salaries and wages, N16.2 billion would be spent on group life insurance, loan, pensions and gratuities of retirees, while N22.9 billion would be spent on overheads.
He said that N11.0 billion was provided for domestic debt financing, comprising of single-digit concessionary programme lending for interventions in Healthcare, Social investments, Agriculture, Manufacturing and youth entrepreneurship.
The budget breakdown revealed that Road, bridge works and infrastructure had the highest allocation of N32 billion followed by Health which had N6.8 billion.
Education and Agriculture had N5.0 billion and N2.5 billion respectively, while Community Social Development projects got N1.1 billion
Water Resources and Public Utilities got N3.77 billion while Environment got N3.4 billion and Small and Medium Enterprises development N2 billion.
“For youth empowerment and creative economy, especially with the recent #ENDSARS protest across the country which compelled a review of our plans for the youths, we have set aside the sum of N200 million for payment as compensations to our people who have proven cases of gross human rights violations, torture and death from the activities of the defunct SARS in the state.
“Over 70 per cent of my appointees are youths, therefore, we have allocated the sum of N5.4 billion to Youth Entrepreneurship and Empowerment programmes.
“We have also allocated N1.1 billion to empower youths through vocational, agricultural and artisan training programmes as well as N120 million for the establishment of creative centres, innovation hubs and ICT related projects.
“Meanwhile, N5.8 billion has been earmarked for the completion of the proposed Anambra International Airport, N500 million for the completion of the International Conference Centre, Awka.
“This budge seeks to entrench a new watershed in the development aspirations of the state. We hope, therefore, that it will be given a speedy consideration and passage to ensure a sustained and steady advancement of our state, “Obiano said.
Receiving the budget, the Speaker, State House of Assembly, Mr Uche Okafor, said the presentation was necessary to obtain legislative consent for the amount of money to be spent in the coming financial year.
He promised that the Assembly would continue to work in synergy with the executive for the good of the people and the development of the state.
