After careful analysis of the 2018 budget as presented to Anambra state house of Assembly, by the Governor, Chief Willie Obiano, we make bold to state that the budget if implemented will go a long way in further growing the economy of the state.
In line with the government’s promise to build a greater tomorrow, with the title of “the Budget for Value-for-Money, Economic Diversification and Job Creation”. The proposed budget size is N166.9bn, representing a 43% increase on the current year’s budget, will be a plus for the people of Anambra state, The expansionary budget with resolve to continue to deliver the dividends of good governance to the people of Anambra, will be to the greater advantage of the people.
With the 2018 budget of Anambra state hinging on Value-for-Money, to be succeed in the 2018 fiscal year, the government may do well to carefully assess all activities and make difficult trade-offs to ensure it focus solely on implementing projects and programs that provide commensurate value to Ndi Anambra. As stated by the governor, “the underlying principle going forward shall be… “Doing Even More with Less”. There will be a ZERO tolerance for corruption and corrupt practices as any government official found to be engaged in such will face the brunt of the law.
The economic diversification the state government revenue will ensure that Anambra attains fiscal independence over the next four years, the state internally generated revenues should be able cover its recurrent expenditure with the balance to support capital interventions. It is hoped that the government will aggressively embark on public finance reforms to optimize and strengthen its tax administration processes, which will be a plus to IGR in the state
On the aspect of Job Creation, the primary outcome of all its interventions will be to create as many jobs as possible to ensure that it tackle unemployment, underemployment and more importantly, provide a means of livelihood for the poor and vulnerable in Anambra state.
However, the strategic collaborations, with the federal government, donor agencies and investors hope to develop stronger ties with the Federal Government MDAs and key Development Partners (such as the World Bank, European Union, United Nations System, etc.) to jointly intervene in Social Investments, Works & Infrastructure, Education, Healthcare and Environment sectors of Anambra economy
To achieve this, the government must align its budget to the National Economic Recovery & Growth Plan and the United Nations’ Sustainable Development Agenda 2030. The public-private-partnerships, will have to target the outcome of a strengthen and focused our Public-Private-Partnership Strategy.
With a projected Crude oil price benchmark of US$43/bbl and an average daily production of 2.1m barrels, this implies a projected monthly FAAC of N2.52bn/month compared with 2017 YTD average of N2.15bn. This is slightly conservative compared to Federal Government’s crude oil benchmark price of US$45/bbl and 2.3m bbl/d;
Also value added tax revenues is projected at N1.0bn monthly, representing a ~9% growth on 2017 YTD average of N920m; The Internally Generated Revenues are projected at N2.5bn monthly compared with the current run rate of N1.35bn monthly. To achieve this, it is expected that the state government will aggressively focus on growing its tax database, optimizing our IGR windows while eliminating leakages through the deployment of technology.
Grants and Counterpart funds are estimated at N20bn;
The 2018 Budget will focus basically on these, roads & Infrastructure, agriculture and related Sectors, education, health, small & medium enterprises development
water resources and public utilities, community social development program.
We believe that with the landslide victory given to the Chief Willie Obiano administration, where he scored 100%, that he will go out of his way to work for the people of the state, with dedication to duty, to ensure that the dividends of democracy gets to the rurals, who actually voted for the APGA led government. With the proposed budget, we believe that the administration has made a mark, by stamping its foot on the annals of history, to cave a niche for its self, towards building a roadmap for economic boom in the state, if only the budget will be implemented to the latter.
In line with the government’s promise to build a greater tomorrow, with the title of “the Budget for Value-for-Money, Economic Diversification and Job Creation”. The proposed budget size is N166.9bn, representing a 43% increase on the current year’s budget, will be a plus for the people of Anambra state, The expansionary budget with resolve to continue to deliver the dividends of good governance to the people of Anambra, will be to the greater advantage of the people.
With the 2018 budget of Anambra state hinging on Value-for-Money, to be succeed in the 2018 fiscal year, the government may do well to carefully assess all activities and make difficult trade-offs to ensure it focus solely on implementing projects and programs that provide commensurate value to Ndi Anambra. As stated by the governor, “the underlying principle going forward shall be… “Doing Even More with Less”. There will be a ZERO tolerance for corruption and corrupt practices as any government official found to be engaged in such will face the brunt of the law.
The economic diversification the state government revenue will ensure that Anambra attains fiscal independence over the next four years, the state internally generated revenues should be able cover its recurrent expenditure with the balance to support capital interventions. It is hoped that the government will aggressively embark on public finance reforms to optimize and strengthen its tax administration processes, which will be a plus to IGR in the state
On the aspect of Job Creation, the primary outcome of all its interventions will be to create as many jobs as possible to ensure that it tackle unemployment, underemployment and more importantly, provide a means of livelihood for the poor and vulnerable in Anambra state.
However, the strategic collaborations, with the federal government, donor agencies and investors hope to develop stronger ties with the Federal Government MDAs and key Development Partners (such as the World Bank, European Union, United Nations System, etc.) to jointly intervene in Social Investments, Works & Infrastructure, Education, Healthcare and Environment sectors of Anambra economy
To achieve this, the government must align its budget to the National Economic Recovery & Growth Plan and the United Nations’ Sustainable Development Agenda 2030. The public-private-partnerships, will have to target the outcome of a strengthen and focused our Public-Private-Partnership Strategy.
With a projected Crude oil price benchmark of US$43/bbl and an average daily production of 2.1m barrels, this implies a projected monthly FAAC of N2.52bn/month compared with 2017 YTD average of N2.15bn. This is slightly conservative compared to Federal Government’s crude oil benchmark price of US$45/bbl and 2.3m bbl/d;
Also value added tax revenues is projected at N1.0bn monthly, representing a ~9% growth on 2017 YTD average of N920m; The Internally Generated Revenues are projected at N2.5bn monthly compared with the current run rate of N1.35bn monthly. To achieve this, it is expected that the state government will aggressively focus on growing its tax database, optimizing our IGR windows while eliminating leakages through the deployment of technology.
Grants and Counterpart funds are estimated at N20bn;
The 2018 Budget will focus basically on these, roads & Infrastructure, agriculture and related Sectors, education, health, small & medium enterprises development
water resources and public utilities, community social development program.
We believe that with the landslide victory given to the Chief Willie Obiano administration, where he scored 100%, that he will go out of his way to work for the people of the state, with dedication to duty, to ensure that the dividends of democracy gets to the rurals, who actually voted for the APGA led government. With the proposed budget, we believe that the administration has made a mark, by stamping its foot on the annals of history, to cave a niche for its self, towards building a roadmap for economic boom in the state, if only the budget will be implemented to the latter.