Anambra State governor, Willie Obiano has on Tuesday presented a budget proposal of N115.5 billion before the State House of Assembly.
The budget according to the governor contains N58.9 billion dedicated to capital projects while N56.6 billion would be spent on recurrent expenditure, which according to him represents a ratio of 51 to 49 respectively just as the previous years. The estimate according to him was premised on the basis of N305 per dollar exchange rate and a projected price of $42 per barrel of crude oil.
According to the governor, N20.4 billion would be raised from Internally Generated Revenue (IGR), N40.2 billion projected to come from federal allocation while N12 billion is projected to come from development partners as counterpart fund.
The governor also said that N17.7 billion would be spent as salaries and wages, N10.2 billion on pensions and gratuities or retirees, while N18.4 billion would be spent on overheads.
Mr. Obiano said the state government intends to revamp the more than 160 moribund water schemes in the state and then spend N610 million on the 61 major markets in the area to enable traders to operate in a healthy and friendly environment.
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