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Wednesday, September 27, 2023

Obiano Presents N141.9 Billion As 2022 Budget

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Governor Willie Obiano, yesterday, presented a budget estimate of N141.9 billion for the 2022 fiscal year to the Anambra State House of Assembly for approval.

Tagged: “Continuity, Sustainability and Development of a New Anambra,” the governor said the financial document was to consolidate performances in the last seven years and maintained the status of the state as a preferred business hub and investment destination.

He explained that N81 billion would be spent on capital expenditure, translating to 57 per cent of the budget, while N60.9 billion is for recurrent expenditure or 43 per cent of the budget, adding that the estimate was premised on crude oil price benchmark of $50 per barrel.

Obiano put expected revenue from Value Added Tax (VAT) at N19.8 billion, while other capital receipts are N23.38 billion, stressing that N40.36 billion would be raised from Internally Generated Revenue (IGR).

According to him, N21.67 billion would be spent on personnel as salaries and wages, N18.3 billion on group life insurance, loans, pensions and gratuities, just as overheads get N23.78 billion.

He noted that domestic debt financing, comprising of single digit concessionary lending for interventions in healthcare, social investments, agriculture, manufacturing and youth entrepreneurship, would take N13.4 billion.

Giving further breakdown, the governor observed: “Road works and infrastructure have the highest allocation of N23 billion, healthcare, N5.8 billion, environment, N3.42 billion, education, N3.23 billion, agriculture, N3 billion and youth empowerment and creative economy, N2.08 billion.

“Water resources and public utilities got N2.1 billion while community social development projects got N1.4 billion and medium enterprises development, N1billion,” adding that N10 billion had been earmarked for the completion of the Anambra International Cargo Airport, N2.8 billion for the completion of the International Convention Centre, Awka and N700 million for the execution of Awka City Stadium.

Receiving the budget, the Speaker, Uche Okafor, assured the people of speedy consideration and passage of the fiscal document.

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