By Favour Goodness
Anambra Civil Society Network (ACSONET) a platform for Citizens and Non State Actors stakeholders has hailed the passage of the State’s 2022 annual budget and called for speedy assent by the Governor in order to commence accelerated implementation.
Prince Chris Azor, Chairman of the group who doubles as the citizens co-chair, Open Government Partnership (OGP) stated this while addressing newsmen in Awka.
He said, ” The Civil Society received with joy and excitement the passage of the budget, which went through a rigorous process from bilateral discussions at the MDAs to the relevant committees in the State Assembly, a process that witnessed Civil Society and Non State Actors inclusion/participation”
ACSONET Chairman recommended that immediately after the Governor’s assent, funds should be released to the MDAs to ensure infrastructural development especially, on roads and speedy completion of the International passenger/cargo airport at Umueri.
“We urge the outgoing administration to make haste to complete all the ongoing infrastructural projects and chart a course for continuity and consolidation by the incoming administration,” he said.
It would be recalled that the passage followed the adoption of the report of the House Committee on Finance and Appropriation during plenary in Awka.
Presenting the report, Mr Obinna Emeneka, chairman of the committee said that the budget was made up of N81.5 billion capital expenditure and N60.9 billion recurrent expenditure, representing 57 per cent and 43 per cent respectively.
After thorough scrutiny and review, the House recommended that the budget size for the 2022 be retained with little adjustments to allocations to some Ministries, Department and Agencies.
Gov. Willie Obiano, had on Thursday, 14 October 2021, presented a draft budget estimate for the 2022 fiscal year, being the last of his eight-year tenure.
The proposed 2022 budget-themed ‘‘Continuity, Sustainability and Development of a New Anambra’’ has a budget size of N141.9 billion.
The recurrent expenditure is projected to gulp 43 percent of the total budget size, translating to N60.9 billion, while the remaining 57 percent, which translates to N81.0 billion, is for capital expenditure.
The proposed aggregate revenue and expenditures for 2022 are N129.1 billion and N142.5 billion, resulting in a N13.4 billion fiscal deficit which will be financed domestically.
The proposed 2022 Budget estimates an average daily production of 2.23 million barrels, an estimated benchmark crude oil price of $50/bbl, translating to a projected annual FAAC of N41.9 billion as against the 2021 figure of N45.3 billion.
Value Added Tax (VAT) revenue projection is pegged at N19.8 billion annually, which is an 18.8 percent increase from the 2021 figure of N15.5 billion.
Internally Generated Revenue is projected at N3.35 billion monthly and N40.36 billion annually for 2022, compared to N3.04 billion monthly and N36.6 billion annually for the outgoing year.
Capital Receipts (including grants, other FAAC transfers, counterpart funds, aid and concessionary funding) are estimated at N23.38 billion compared to N18 billion of 2021.
Personnel costs are estimated at N1.8 billion monthly which is about N21.67 billion for the year compared to N1.56 billion monthly and N18.8 billion for 2021.
Total Overheads are estimated at N1.98 billion monthly and N23.78 billion for 2022 as against N1.36 billion monthly and N16.4 billion for the 2021 figure; while Social Benefits and Contributions including Pensions, Gratuities, group life insurance, and loan repayments are projected at N18.3 billion for the fiscal year 2022 as against N16.4 billion for year 2021.