By Victor Nwegede
Governor David Nweze Umahi on Tuesday presented a budget estimate of N122.852 billion to Ebonyi State House of Assembly for the 2021 fiscal year.
The appropriation bill was termed the “budget of stabilization and consolidation in a recession."
The appropriation bill according to Umahi is expected to be funded through the Federation Account estimated at about N52billion or 42.33% of the budget.
While presenting the budget, Governor Umahi noted that, Ebonyi State would be projecting to increase the internally generated revenue from the projected N10, 569, 074, 353.56 in 2020 budget to N12, 858, 297, 657.83 or 10.47% of total expected revenue.
He said in 2020, the state projected an actual revenue receipts by December 31st, 2020 at N122,138,799,059.13 is 92.53% performance.
His words: “Mr. Speaker let me with humility announce that the “budget is tagged budget of stabilization and consolidation in a recession” which stands at the sum of N122, 852, 045, 222.49.
“Our major revenue is expected to come from Federation account estimated at about N52bn or 42.33% of the budget.
"Other revenue heads like Internally Generated Revenue, sales of international market stores, land proceeds, sales of malls, other receipts etc will account for the balance of N57.994bn or 47.53% of total budget.
“We are therefore, staying on side of what is possible by our 2021 budget of N122, 852, 045, 222.49 which is just 0.6% higher than our projected 2020 budget performance.
“We intend to reach out to about 250 persons with best proposals per Local Government Area with N1m per person (per business). We encourage the Ministry to partner with Bank of Industry to increase the participants’ scope of businesses and capital involved.
“With expected 80% success of this programme. We believe that Ebonyi will be more focused on business than in politics. This programme is non-political.”
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