Obiano’s speech during the presentation 2017 Budget

Anambra State expects to spend N56.6 billion on Recurrent Expenditure and N58.9 billion on Capital Expenditure targeting a recurrent to capital expenditure ratio of 49:51.

Read the details of the 2017 Budget as contained in the governor’s address below:

THE 2017 BUDGET ADDRESS PRESENTED BY HIS EXCELLENCY, CHIEF WILLIE OBIANO, GOVERNOR OF ANAMBRA STATE TO THE HONOURABLE LAWMAKERS, ANAMBRA STATE HOUSE OF ASSEMBLY

PROTOCOL

It is an honour to stand before this dignified Assembly today, to present to you my administration’s Draft Estimate and Roadmap for the 2017 Fiscal Year. However, before I proceed with the business of the day, I must not fail to express the profound gratitude of the Executive Arm of Government for your commendable partnership with us in the outgoing fiscal year. Madam Speaker and Honourable Lawmakers, permit me to observe that the great cooperation we have enjoyed together has been in the best interest of Anambra State and as we prepare to enter the next fiscal year, I hope that we shall all work hard enough to sustain it. Dalunu!

Madam Speaker and Honourable Lawmakers, the outgoing year 2016 may well be Nigeria’s worst nightmare in recent memory. There were challenges from all fronts. But to the Glory of Almighty God, Anambra State stood tall through it all. We have continued to honour our financial obligations and to keep our electoral promises to Ndi Anambra.

Madam Speaker and Honourable Lawmakers, the 2016 Budget presented a great opportunity to my administration to extract the inherent values and benefits of my Economic Blueprint in fulfilment of my promise to Ndi Anambra.

Indeed, I am truly delighted to report that even in the face of adversity, we remained firmly focused on the foundational philosophies of my administration. We stayed true to our Vision of making Anambra State the First Choice Investment Destination and a hub for industrialization and commercial activities. We also kept to our Mission of making Anambra State a socially stable, business-friendly environment that would attract both indigenes and foreigners to seek wealth-creating opportunities. Indeed, despite the severe economic environment of the outgoing year, we made a great deal of progress in reinventing Anambra State and opening her up to the world.

2016 FISCAL YEAR IN REVIEW

Madam Speaker, Honourable Lawmakers, for most Nigerians, only one word defines the outgoing fiscal year. That word is RECESSION! This is the economic reality that emerges when a country records two consecutive quarters of negative growth in her GDP in a given fiscal year. Indeed, fellow compatriots, this economic tragedy occurred during the first three quarters of the current year, hence, plunging our nation into its most difficult year in recent times. A Recession typically limits the ability of governments and private sector to realise set out objectives. To that extent, the contraction of the nation’s economy affected some of Nigeria’s best laid out plans. It also impacted our plans for Anambra State.

Indeed, the outgoing year is a year in which the worst fears of the nation manifested. The macro-economic environment that had looked bleak all along finally came off the hinges. The continuous assaults on oil installations in the Niger Delta eventually impacted negatively on our nation’s daily oil production combined with a southward slide in oil prices, thereby reducing revenues accruing to all tiers of government by over 60%!

The decrease in revenue brought about an acute shortage of dollars which greatly impacted the productive sector of our economy. The scarcity of foreign exchange combined with other negative indices in the economy forced many manufacturers, importers and other service providers out of business and led to a mass shutdown of factories and increased unemployment across the country.

Madam Speaker, Honourable Lawmakers, for the first time in living memory, Nigeria found herself in an extremely difficult situation as the Nigerian Army went to war on two fronts within Nigerian territory. The war with the terrorist group, Boko Haram and the war against militancy in the Niger Delta. These issues further exacerbated the economic challenges faced by Nigerians across the country.

THE ANAMBRA RESPONSE

Madam Speaker and Honourable Lawmakers, it is heart-warming to note that the economic and social whirlwind that swept through the country for the better part of this year did not affect the basic foundations of peace, security and even comfort that we have enjoyed in Anambra State in the past two and a half years. Nor did it derail our steady march to a prosperous and more forward looking Anambra State. What it did however is that it forced us to look inwards more often for solutions to our problems. It also forced us to re-evaluate our priorities and align government spending to projects that offer us maximum values with minimum investment; projects with a high socio-economic impact and projects that will secure the future of Anambra State. The bleak operating environment also made us hold on very tightly to our administrative maxim – “doing more with less” and ensure that whatever we do is a reflection of this philosophy.

Fellow compatriots, what stands out as our most proactive response to the Recession was the announcement of my Economic Stimulus Package in September earlier this year. Its sole objective was to cushion the impact of the economic meltdown and help our local economy weather the storm and regain its path to recovery.

My brothers and sisters, my administration is genuinely concerned about the plight of Ndi Anambra. We are worried about our hardworking industrialists who have thousands of our people working in their factories in Onitsha, Nnewi and other parts of the State. We are worried about the owners of small businesses and start-ups for whom this Recession has been the ultimate dream killer. We are worried about the low income earners – the wheelbarrow pushers, the cleaners in various offices and the petty traders selling bananas at Oye-Agu Market in Ifitedunu. Madam Speaker, we are worried about my good people of Anambra State.

In response to their plight we came up with an Economic Stimulus Package that seeks to make critical interventions in four broad areas, namely – the Tax Relief Programme, the Special Intervention Programme for Small and Medium Enterprises, the Social Intervention Programme for Low Income Households and finally the Intervention in Infrastructure-for-Jobs.

Madam Speaker and Honourable Lawmakers, in pursuit of this, we effected the following:

Continues…

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