Obi Presents N140bn Budget Proposal

Governor Peter Obi of
Anambra State has presented N140 billion budget proposal for 2014 to the State House of Assembly.
The budget was an increase of 26.18 per cent over the N110.96 billion budget for last year.
He said that N100.29 billion was earmarked for capital expenditure, while N39.71 billion was earmarked for recurrent expenditure.
Obi said that an estimated N100.29 billion was expected from capital receipts in 2014, showing an increase of 41.35 per cent over the budgeted sum of N70.96 billion in 2013.
The other sectors are social 14.33 per cent, environment 17.21 per cent and general administration 25.64 per cent.
Obi said that the projected revenue earning for 2014 was N58.120 billion, including Internally Generated Reveune of N15.920 billion and state share of Federation Account N42.200 billion.
He said that the recurrent expenditure was expected to decrease from the 2013 projection of N39.995 billion to N39.705 billion of 2012, representing a marginal decrease of N0.290 or 0.73 per cent.
According to him, a capital expenditure of N100.295 billion was being earmarked out of which the economic sector would receive N42.947 billion, social N14.373 billion, environment N17.258 billion and general administration N25.718 billion.
The economic sector would receive the highest allocation on account of the capital intensive nature of its component sub-sectors such as land, transport (roads and bridges) to which N35.100 billion had been allocated.
Also funds have been allocated to other key sub-sectors as education N7.172 billion, health N5.088 billion, agriculture N1.155 billion, Water Supply N9 billion and MDG projects across selected sub-sectors N10 billion.
Responding, the Speaker of the State House of Assembly, Mrs Chinwe Nwaebili (APGA- Ogbaru 2), assured of the legislators’ support to move the state forward.
Nwaebili said that the budget would receive speedy attention and passage to enable the governor execute all his development projects before the end of his tenure in March 2014.
She directed that the budget be referred to the Committee on Budget and Appropriation and urged his colleagues to be ready to work for the common good of the state.
Miss Nikky Ugochukwu, (APGA-Orumba South), Chairman of the House Committee on Budget and Appropriation, commended the governor for his good work and pledged to do their best to enable Obi complete his projects.