Obinna Odogwu, Awka
Anambra State governor, Chief Willie Obiano, on Tuesday presented the 2021 budget estimates to the state House of Assembly in Awka. The budget named the Budget of Economic Recovery and Consolidation totalled N143.65 billion.
Presenting the document, Obiano said that the budget estimate was based on the realistic projections of all sources of revenue, both external and internal, and that the state’s revenue and expenditure trends were taken into consideration.
“For the 2021 fiscal year, we are proposing a budget size of N143.65bn. This budget is based on realistic projections of all sources of revenue, both external and internal, taking into consideration the state’s revenue and expenditure trend.
“While recurrent expenditure is projected to gulp 39.5% of the total budget size, translating to N56.77bn, the remaining 60.5% which translates to N86.88bn is for capital expenditure.
“This is expected to drive the 2021 budget. This budget will help sustain our past performance and ensure that we maintain our status as a hub for business and a destination for new investments”, he said.
The governor said that for the basis and assumptions for the draft FY 2021 budget estimate, the government adopted some macro-economic assumptions for it.
“A crude oil price benchmark of US$35/bbl and an average daily production of 1.86m barrels, translating to a projected annual FAAC of N46.7bn as against the 2020 revised figure of N34.4bn.