Gov. Obiano Presents N115.5 billion Budget for 2017

Gov. Obiano Presents N115.5 billion Budget for 2017

Gov. Willie Obiano of Anambra on Tuesday presented a budget proposal of N115.5 billion before the State House of Assembly.

According to Obiano, a total of N58.9 billion will be spent on capital projects, while N56.6 billion will go to recurrent expenditure.

This, he noted represents a ratio of 51 to 49 respectively just as the previous year.

He said the estimate was premised on the basis of N305 per dollar exchange rate and a projected price of 42 dollars per barrel of crude oil.

The governor stated that N40.2 billion was projected to come from the federal allocation, while N20.4 billion would be raised from Internally Generated Revenue (IGR).

Obiano said that a sum of N12 billion was projected to come from development partners as counterpart fund.

On personnel expenditure, Obiano said that N17.7 billion would be spent as salaries and wages, N10.2 billion would be spent on pensions and gratuities of retirees, while N18.4 billion would be spent on overheads.

Obiano said the state government intends to revamp the more than 160 moribund water schemes in Anambra.

He further said that the state would spend N610 million on the 61 major markets in the area to enable traders to operate in a healthy and friendly environment.

The speaker of the House, Rt Hon. Rita Mmaduagwu admitted the document for deliberations following the motion moved by the Majority Leader of the House Mr Victor Okoye.