The Commissioner Ministry of Budget and Planning, Ugwunta David Okelue has revealed that the Enugu State 2021 budget made provision of N2.5b for the construction and landscaping of the International Conference Centre, ICC, project embarked on by the Chimaroke Nnamani administration.
The Commissioner made this known on Thursday during a briefing organized by the Ministry to acquaint the press with an in-depth analysis of the 2021 Appropriation Law of Enugu; the 2021 budget breakdown.
Ugwunta also stated that in order to achieve economic recovery and growth in the state, the present administration is set to complete all ongoing projects.
“Considering the need to reflate the economy of the state and put Enugu State on the path of economic recovery and growth, in 2021, full attention is given to complete all ongoing projects in 2020FY and initiate new projects and programmes with the 2021 budget,” says Ugwunta.
The International Conference Center and some other projects overlooked by previous administration was provided for in the 2019 fiscal year according to Premium Times to the tune of N1.5billion. No new work is seen on ground as the center is still in the state the Nnamani administration stopped work.
The Commissioner further revealed that the underlying assumptions driving the macroeconomic parameters and targets for the 2021 budget are that the crude oil price stands at US$40 per barrel; Oil production estimate at 1.86million barrels per day; exchange rate at N380/US$.
Other assumptions include real GDP growth at 3.00percent while inflation rate at 11.95percent.
Recall that on 9th December, 2020, the Enugu State Governor presented a budget size of one hundred and sixty-nine billion, eight hundred and forty-five million, seven hundred and fifty-eight thousand, five hundred naira only (N169,845,758,500) to the Enugu State House of Assembly.
40% of the total budget size covers the recurrent expenditure of sixty eight billion, seven hundred and eleven million naira only (N68,711,000,000.00), the capital expenditure takes up 60%- one hundred and one billion, one hundred and thirty-four million, seven hundred and fifty-eight thousand, five hundred naira only (N101, 134,758,500.00).
The budget tagged Budget of Recovery and Continued Growth was passed into law on the 29th of December, 2021 and assented by the State Governor the next day.
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