Anambra presents 2017 budget estimate of N 115.5b

Anambra State government has presented a budget estimate of N 115.5 billion for the 2017 fiscal year.

The budget presented at the State House of Assembly was titled ” Budget for Economic Recovery and Inclusive Growth “.
From the amount, the state government would spend N58.9 billion on Capital Expenditure and N 58.9 billion on Recurrent Expenditure reflecting the focus on significant infrastructural development during the year to stimulate the local economy towards recovery.

Projected on a crude oil price benchmark of 42 dollar per barrel and N305 to a dollar exchange rate estimate, the draft estimate represents an 11percent increase from that of last year whose budget size was put at N101.4 billion.

The budget is also designed to prioritize production over consumption, targeting a Recurrent to Capital Expenditure ratio of 49:51, with major Capital projects plans in key sectors of the State economy.