Anambra State Governor, Chief Willie Obiano, presented the State House of Assembly with a budget estimate of N141.9 billion for the fiscal year 2022.
The budget, which is the final of his eight-year presidency, was smaller than the N143.65 billion budget for the fiscal year 2021, which was labeled “Economic Recovery and/or Consolidation.”
The budget estimate for 2022, according to Obiano, is based on realistic predictions of all sources of revenue, both external and internal, taking into account the state’s revenue and expenditure pattern.
Recurrent expenditure is expected to consume 43% of the overall budget, or N60.9 billion, according to Obiano.
“The remaining 57%, or N81.0 billion, will be used for capital expenditures.
“Continuity, sustainability, and development of the new Anambra are projected to drive the 2022 budget theme.”
“This budget will be focused on maintaining our previous performance over the last seven years and ensuring that we preserve our standing as a hub business and a destination for new investments,” Obiano stated.
According to him, internal revenue for 2022 is expected to be N3.35 billion monthly and N40.36 billion annually, up from N3.04 billion last year.
“We intend to accomplish this through enacted reforms, continued strengthening of our enforcement initiatives, and further expansion of our tax database.” In the following year, we have no plans to increase taxes or levies.”
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Other macro-economic assumptions considered for the budget projections, according to the governor, include capital receipts of N23.38 billion, up from N18 billion last year, and monthly personnel costs of N1.8 billion, up from N1.56 billion last year.
The capital plan includes N23.0 billion for roads and bridges, N12.16 billion for new roads, N3 billion for agriculture, N3.42 billion for the environment, N3.23 billion for education, and N2.08 billion for youth empowerment and creative economy.
Others include N5.88 billion for health, N1.0 billion for small and medium firm development, N2.01 billion for water resources and public utilities, and N1 billion for community and social development.