Commissioner States How Anambra Will Fund Its 2020 Budget

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Awka – Mr. Mark Okoye, Anambra State Commissioner for Economic Planning and Budget at the weekend gave a break down of state’s 2020 budget of N137.1 billion stating that to arrive at the figure the state government took a painstaking measure to get input from all relevant agencies, ministerial agencies and stakeholders.

Giving a background of the manner in which the budget would be funded, Okoye said the budget expenditure would be based on a number of expected receipts for the year.

Based on a crude oil price benchmark of US 55 dollars on average daily production of 1.9million against Federal production benchmark of 2.18million barrel per day and that the projected annual collectable from the federation account receipt of N43.7billion.

This is against the 2019 budget figure of N40billiin.

Also, the state targets a revenue of N15.6 billion from Value Added Tax (VAT), a growth rate on the 2019 figure of N10.6billion.

Okoye also said that based on comprehensive reforms the state instituted its projected revenue from Internally Generated Revenue input at N30billion which translated to N2.5billion per month, a decline by N6billon over 2019.

Also, he continued, other capital receipts which included counterpart funds, aid, concessionary funding, and federal government refunds is projected at N30billion.

Okoye boasted that for the first time, the Governor, Chief Willie Obiano presented next year’s budget in September which was in compliance with the fiscal responsibility law of Anambra State.

To get it right he said, the request was sent to all communities to get their input through community charter of demand.

The government also expanded the budget committee from right to 45 persons

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Source: independent.ng