Ugwuanyi presents N170b budget estimate for 2021

Enugu State Governor, Ifeanyi Ugwuanyi, yesterday, presented a budget of N169.8b for 2021 to the House of Assembly for consideration and passage.
 
He stated that 60 per cent of the Budget of Recovery and Continued Growth, would be earmarked for capital expenditure, stressing that through the budget, his administration would further create an environment that would encourage full human and capital development in the state. 
 
He said the budget was 13.8 per cent higher than the 2020 appropriation bill, which stood at N169.5b, before it was reduced due to the COVID-19 pandemic.
 
Ugwuanyi noted that the increment was to enable his administration to further improve on human capital as well as infrastructural development in the state, especially in urban and rural areas.
 

The governor added that the successes recorded by his administration in the past five years was due to the political stability, efficient institutions of governance, improved security of lives and property, provision of critical infrastructure and consistent economic policy.
 
He noted that of the N169.8b budget, recurrent expenditure stood at N68.7b, representing 39 per cent, while capital expenditure stood at N101.1b, representing 60 per cent of the appropriation.
 
Ugwuanyi pointed out that national inflation rate of 10.8 per cent, gross domestic product (GDP) growth of 2.93 per cent, oil production benchmark of 2.18 million barrels per day, price benchmark of $55 per barrel and exchange rate of N305 to the US Dollar, were the macro and micro-economic indicators that informed government’s projections for the 2020 budget proposal.