SOLUDO PRESENTS OVER N400 BILLION 2024 APPROPRIATION BILL TO ASSEMBLY
REPORTWR: BEN ILECHUKWU
Anambra State Government has presented an appropriation bill of over N410 billion for 2024 fiscal year.
Governor Chukwuma Soludo presented the bill to the State House of Assembly.
The over N410 billion appropriation bill exceeded the 2023 draft budget of N258,984,875,905.
The bill christened “changing gears: The Transformation Agenda Begins” has a capital expenditure of N313.9 billion naira representing 76.54% of the budget proposal while the recurrent expenditure of N96.2 billion naira accounts for 23.46% of the budget estimate, amounting to about 57.8% increase from the 2023 budget.
Relative to 2023, some key sectors have significant increases ranging from the Administrative sector with 50.85%, economic sector 103.43%; Judiciary Sector 72.9%; Social Sector 60.24% Education (140.88%); Health (169.55%); Infrastructure investment 119.84% overhead costs (34.1%) among others.
Presenting the budget estimate, Governor Chukwuma Soludo said the draft budget was hinged on the premise to enable his administration focus on the speedy transformation agenda of the state as well as his determination to change Anambra’s narrative from its current status as a “departure lounge” to a “destination of choice.”
Professor Soludo, who restated his determination to transform Anambra State into a livable and prosperous smart megacity that would be the preferred destination to live, invest and work, noted that his administration had been working hard in the areas of infrastructure, education, health and youth development programmes.
The Governor, while stressing that over the past one year and eight months, despite the challenges he met on assumption of office, his administration had been able to address some of the foundational issues bodering on insecurity.
He also recounted that the 7th Assembly approved to borrow N100 billion to partly-finance the revised 2022 budget, and that his government had not borrowed one Kobo yet until 2024.
The Governor further explained that in the proposed 2024 budget has a deficit of N120 billion, expected to be funded through a facility from financial institutions.
While expressing regret that the size of the propsed budget was quite small in terms of its purchasing power and dollar equivalent stated his administration’s resolve to maximize value for the people of the state.
Earlier, the Speaker, Anambra State House of Assembly, Mr. Somtochukwu Udeeze, remarked that the Governor had taken great steps towards moving the state to greater heights through his transformation agenda.
He assured the people that the state legislature would ensure that the present administration succeeded in all fronts, through enactment of laws and resolutions aimed at improving the living standards of the citizenry.
Meanwhile, the budget had already passed through first reading and subject to further scrutiny and consideration.
EDITED BY CHUKWUBUIKE MADU
