The Anambra State Government would go for a loan of about N10 billion next fiscal year.
The government would also carry out another round of the N20 million choose-your-project community program for each community in the fiscal year 2017.
Gov Willie Obiano disclosed these during the presentation of the 2017 budget estimate to the State House of Assembly this afternoon.
He noted that in the prevailing economic situation, only increased spending by government on production would help ameliorate the impact on the citizens.
He also said the decision to embark on the second round of the community development initiative was to further stimulate the economy of the rural communities of the state.
He expressed happiness that the present socio-economic challenges in the country did not affect the basic foundations of peace, security and comfort which Ndi Anambra enjoy nor did it derail the steady march to prosperity.
Rather, he said it forced his administration to look inwards, reevaluate its priorities and align its spending to activities that offer the people maximum value for minimum investment.
He restated that his administration will not increase or re-introduce any of the abrogated taxes and levies it earlier announced in its economic stimulus package.
He added that its expected internally generated revenue (IGR) for 2017 would be driven by the introduction of revenue courts to enforce payment of tax-debt by blue-chip companies and elimination of revenue leakages.
Gov Obiano disclosed that domestic borrowing in the new fiscal year would be maintained at N10 billion with the expectation that the Federal Government would refund the N43billion debt it has owed the State.
The state administration, according to the governor, expects to utilize the massive investments it’s attracting across various sectors to sustain the state’s domestic economy.
It will also fight crime through employment opportunities and assured that the budget no doubt has the capacity to steer the state through the very harsh economic times into a new phase of economic prosperity.
From Chuks Collins, Awka