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Obiano presents N164,496b 2015 Budget to Anambra lawmakers for consideration

By News Express on 24/11/2014

Views: 4,171


Governor Willie Obiano has proposed the sum of N164,496 billion as the operating budget of the Anambra State Government for the 2015 fiscal year. The proposed sum represents a marginal increase of 3.17% over the estimate for year 2014 which was N159,469b.

A cursory look at the budget indicates Governor Obiano’s bold ambition to expand the frontiers of excellence in Anambra State by embarking on extensive infrastructural development that will enable the state shrug off its current inhibitions and challenge for a position among Nigeria’s frontline states.

A breakdown of the budget tagged ‘Budget for Wealth Creation and Social Cohesion’ reveals that Anambra will spend an estimated N110.979b on Capital expenditure and N53.517b on Recurrent expenditure, representing approximately 67.5% and 33.5% respectively.

“This is consistent with the broad policy thrust of providing adequately to support investments in the Economic Pillars and Enablers, while ensuring that the cost of governance is adequately provided for, and that we are efficient and robust in the use of our available resources,” Chief Obiano announced while presenting the budget today at the State House of Assembly.

According to him, the proportions of the Capital Expenditure allocated to the Economic and Social Sectors are 64.3% and 14.3% of the Total Capital Expenditure, reflecting his determination to pursue his Four Pillars of Development for Anambra State and the Enablers. 

“To underscore the importance accorded to agriculture as my number 1 Economic Pillar, this sub‐sector still maintains the largest percentage allocation (4.1%) among the other Economic Sectors, excluding Road Works. Agriculture is a major contributor to the Gross Domestic Product (GDP) and a critical link to both commercial and industrial revolution.It is important to note that this year alone, the state has attracted over $500 million investments in this sub sector,” Obiano said.

The governor also pointed out that Trade and Commerce, another major economic subsector of his administration, would attract 4.7% of the economic sector vote. “There is a major shift in our investments in this sector as we have positioned it to attract private sector driven funding. This year we have attracted over $320m investments in the sector with additional $150m investment in power to support our industrial revolution,” he quickly added.

Education will receive 45.6% of the total expenditure of the Social sector while the Health Sector commands the next highest percentage allocation of 32.5%. Anambra will approach investment in education in three key areas – improvement of the physical infrastructure (Buildings &Equipment), improvement of the welfare of the students and improvement in the welfare of the staff. 

A further breakdown shows that expenditure on road infrastructure will still account for a lion share (48%) of Capital Expenditure in 2015.

The total recurrent revenue earning for 2015 is projected at N102.039b. This is made up of N48.040b from Statutory Allocations and N54.00b from internally generated revenue. The respective figures in 2014 Budget were N56.600b and N30.920b. Thus, Statutory Allocations, in 2015, are projected to be approximately N8.6b less than the estimate in 2014. This reflects the decline in the state’s share of revenue from Federal Government, which is forecast to continue in 2015.

A major land mark in Obiano’s plan to ensure that workers welfare is given adequate attention in the 2015 Recurrent Expenditure is a provision for the commencement of the Contributory Pension Scheme. To this effect a total sum of N1.8b has been mapped for the initial take off of the scheme.

•Photo shows Governor Obiano submitting the 2015 Budget to Anambra lawmakers . . . today in Awka.

Source News Express

Posted 25/11/2014 12:46:05 AM

 

 

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