Governor Willie Obiano of Anambra State has signed into law, the revised appropriation bill of N114.9 billion for the year 2020. The budget with the theme, ‘‘Accelerating Infrastructural Development and Youth Entrepreneurship’’ has a total reduction of N22.2bn from the original budget of N137.1bn, translating to a 16 per cent reduction. “Breakdown shows the revised budget has a recurrent expenditure of N49.2billion representing a 16.3 per cent reduction from the original estimates of N58.8billion and capital expenditure of N65.8billion as opposed to N78.4billion in the 2020 original budget, representing a reduction of 16.1 per cent. Further analysis shows expected revenues & grants and financing respectively were reduced to N89.4billion and N10billion from the former estimates of N120.9bn and N16billion respectively, which represents 26 and 37.5 per cent reduction. Okoye said that the COVID-19 response expenditure of the entire 2020 revised budget (Recurrent and Capital) is 12.1 per cent.

Source: Nigerian Tribune July 31, 2020 12:56 UTC