Obiano presents N141.9b budget for the year  2022

ONITSHA, Anambra, Nigeria – Governor of Anambra State, Chief Willie Obiano has  presented a budget proposal of N141.9 billion for the year 2022 to the State House of Assembly.

Obiano, who tagged the appropriation bill “Continuity, Sustainability and Development of a New Anambra” said that it would help to sustain past performance in the last seven years and ensure the state maintains its status as a business hub and investment destination.

According to the governor, a total of N81 billion would  be spent on capital expenditure, translating to 57 per cent of the budget, while N60.9 billion will go for  recurrent expenditure, translating to 43 per cent of the budget.

He said the estimate was premised on the crude oil price benchmark of $50 per barrel. According to Obiano, the  expected revenue from Value Added Tax  is projected at N19.8 billion, while other capital receipts would be N23.38 billion.

The governor said that N40.36 billion would be raised from Internally Generated Revenue (IGR). On personnel expenditure, Obiano said that N21.67billion would be spent on salaries and wages, while N18.3 billion would be spent on group life insurance, loan, pensions and gratuities of retirees, and  N23.78 billion would be spent on overheads.

He said that N13.4 billion was provided for domestic debt financing, comprising  single digit concessionary programme lending for interventions in healthcare, social investments, agriculture, manufacturing and youth entrepreneurship.

The budget breakdown revealed that roads  and infrastructure have  the highest allocation of N23 billion followed by healthcare with  N5.8 billion. Environment and education were allocated N3.42 billion and N3.23 billion respectively, while agriculture and youth empowerment and creative economy got N3 billion and N2.08 billion respectively.

Water resources and public utilities got N2.1 billion, community social development projects got N1.4 billion and  medium enterprises development N 1billion.

Meanwhile, N10 billion has been earmarked for the completion of the Anambra International cargo Airport, N2.8 billion for the completion of the International Convention Centre, Awka and 700 million for the completion of Awka City stadium.

Obiano said: ” The 2022 budget proposal will be the last annual budget of this administration.

“It is our hope, that it will be given speedy consideration and passage to ensure a steady advancement of our dear state.”

Receiving the budget, the Speaker, State House of Assembly, Uche Okafor, expressed readiness to continue to partner with the executive through passage of people-oriented  and development driven legislation.

“As this is the final lap in the budgetary cycle of this administration, I assure Your Excellency that the House will give this budget expeditious consideration and will pass it as soon as possible,” he said.