Gov Obi presents N140bn 2014 Budget

Awka—Governor Peter Obi of Anambra, yesterday, 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.
He said that the focus of the state government would be on poverty reduction measures with the economic sector having an allocation of 42.82 per cent of the total capital budget.
The other sectors are social 14.33 per cent, environment 17.21 per cent and general administration 25.64 per cent.
The governor said that government was mindful of the need to make the capital budget more realistic and predicable in 2014 to get optimal results.
Obi said 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.
Obi said that the budget would touch the lives of the people of the state and create meaningful development.

- Vanguard

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