Capital Projects To Gulp 73.5 % Of Anambra’s N4.10.1bn 2024 Budget …Commissioner
The Anambra government says capital projects will be of greater priority in the 2024 fiscal year
Mrs Chiamaka Nnake, Commissioner for Economic Planning and Budget said this during the breakdown of the 2024 budget christined “Budget of Acceleration”.
Nnake said of the total budget size of N410,1 billion presented by Gov. Chukwuma Soludo to the State House of Assembly for approval, N313.9 billion representing 76.5 percent was proposed for capital projects.
She said this was a sharp increase of 80 percent over 2023 budget which provided for N163.5 billion for capital projects out of the total estimate of N259. billion.
She said while the capital budget accounted for 63.1 percent of the 2023 budget, it had a share of 76.5 percent of the budget in 2024.
The Commissioner said the recurrent expenditure would gulp N96.2 billion a slight increase of eight percent over 2023 estimate of N95.5 billion
She said the budget had a deficit of N120,8 billion.
“Recurrent expenditure accounts for 23.5 percent of the budget size for 2024.
“The recurrent expenditure is decomposed as follows, salary 30.3 percent, social benefits 16.7 percent, overhead 38.2 percent and others 15 percent,” he said.
Giving a breakdown of the sectorial allocations, Nnake said sectoral Allocation as a percentage of capital expenditure was Administrative Sector 5.5 percent, Economic Sector 76.5 percent, Law and Justice Sector 2.2 percent and Social Sector 15.9 percent.
She said Ministry of Education would get N20 billion while Health would get N16,7 billion representing an 140 percent and 169.6 percent increases respectively over their allocations in 2023.
Other MDAs and their allocations were Ministry of Culture, Entertainment & Tourism N10 billion, Ministry of Information N1,5 billion
Ministry of Youth Development/ N4,1 billion and Ministry of Transport N5,4 billion.
The Sports Commission Sports Development got a proposed allocation of N1,7 billion for 2024 sports year, Ministry of Women Affairs N1,5 billion, Agriculture N2 billion and Informing Communication Technology Agency N2,8 billion.
Ministry of Housing got N10,5 billion for completion of government house/lodge and commissioners quarters, as well as construction of old people’s home
Others were the Ministry of Works and Infrastructure N141 billion for completion of ongoing and new road projects, N2,5 billion for Urban Regeneration and N44 billion for airport, industrial cities, new cities, branded hotels and others.
Ministry of Power and Water Resources got N8,2 billion for revamping of urban water schemes while the Ministry of Budget and Economic Planning got N2 billion for their activities in 2024.
