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Obiano Presents N116b Budget For 2017

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.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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