Anambra State government says N68 billion of the total N170 billion revised budget for the 2022 financial year would be sourced from the capital market, ANAMBRA PEOPLE reports.
Chiamaka Nnake, the state commissioner for budget, economic planning and development partners, said this on Tuesday at the breakdown of the budget which was presented to the state House of Assembly Governor Charles Soludo, last week.
The amount represents 40 percent of the total outlay while internally generated revenue (IGR) and federal allocation would provide N61.2 billion and N40.8 billion representing 36 percent and 24 percent respectively
Nnake said the budget which was increased from an initial N142 billion to N170 billion made provision of 64 percent for capital project as against 57 percent in the old budget while recurrent merely increases by 0.79 percent.
She said the slight increase was to make for the additional workforce envisaged in the ministries of education and health due to the ongoing recruitment in those sectors.
The commissioner said N54 billion representing 50 percent of the capital outlay would go to the works ministry for simultaneous investment in local roads and urban regeneration.
The budget indicated that about N4 billion would be invested in continuation of the Anambra airport project.
The budget was, however, silent on the uncompleted Awka Township Stadium and the International Convention Centre projects.
According to Nnake, the 0.79 percent increase in recurrent expenditure was due to an increase in personnel cost for the salary of teachers and health workers who are currently being recruited.
She said every community would get N25 million as against N20 million in the budget year under the “Community Choose Your Project” programme to address development challenges peculiar to them.
“We left the budget on security unchanged at N9bn; we count on off-budget resources from donations to augment while N2bn was budgeted for construction of new Government House and Governor’s Lodge.
“The budget for transport was increased by 61 percent to N1.6bn to support traffic decongestion and road management while N2.3bn was allocated to water,” she said.
Other priority sectors that got allocations were youth, N2.4bn; ICT NI.3bn and agriculture, N700 million for commencement of annual oil palm and coconut revolution
Education got N1.1 billion; healthcare, N2.9 billion and digitising 1GR collection, N1.2 billion and N2.5 billion for setting up a leisure/entertainment park in Agulu Lake.
The commissioner said N54 billion had been earmarked for matching counterpart funding for development partners programmes.