By Modupe Gbadeyanka
Anambra State Governor, Mr Willie Obiano, has informed the state House of Assembly that he intends to spend N115.5 billion next year.
Mr Obiano, in his 2017 budget proposal to the state lawmakers on Tuesday, explained that a total of N58.9 billion would be spent on capital projects, while N56.6 billion would be used for recurrent expenditure. According to him, this indicates a ratio of 51 to 49 respectively just as the previous year.
The Governor also informed the lawmakers that N40.2 billion was expected to come from the federal allocation, while N20.4 billion would be realised from Internally Generated Revenue (IGR) and N12 billion projected to come from development partners as counterpart fund.
He explained that the estimate was premised on the basis of N305 per Dollar exchange rate and a projected price of $42 per barrel of crude oil.
According to him, the state would spend N610 million on the 61 major markets in the area to enable traders to operate in a healthy and friendly environment, while plans are in place to refurbish over 160 moribund water schemes in the state.
more recommended stories
Asian Markets Tumble as China Threatens to Impose Tariffs on US Goods
By Investors Hub Asian stocks tumbled.
European Stocks Extend Losses as Global Trade War Fears Heighten
By Investors Hub European stocks are.
US Stocks May Rebound on Bargain Hunting
By Investors Hub The major U.S..
Petrolex Plans $5b Investments in Ogun
By Dipo Olowookere Chairman of Petrolex.