Anambra Assembly Greenlights Bold N410B 2024 Budget, Capital Expenditure Soars at 77%

Infostride News reports that the Anambra State House of Assembly, in a landmark decision, has given its nod to the state’s 2024 Appropriation Bill, a comprehensive financial plan amounting to a substantial N410 billion. This significant approval was granted during a plenary session held in Awka on Thursday, occurring precisely a month after Governor Chukwuma Soludo formally submitted the bill to the legislative body.

Mr. Ejike Okechukwu, the Chairman of the House Committee on Finance and Appropriation, presented the report that played a pivotal role in securing the passage of the budget. During the session, Okechukwu confirmed that the budget size would be upheld in its entirety, aligning with the original presentation made by Governor Soludo.

In detailing the budget allocation, Okechukwu revealed that the capital expenditure was earmarked at N313.93 billion, constituting 77% of the total budget, while the recurrent expenditure, holding steady at N96.20 billion, represented the remaining 23%. Notably, this distribution remained unchanged from the initial proposal put forth by Governor Soludo.

To ensure a thorough and transparent evaluation of the budget, Okechukwu stated, “We organized and invited the heads of ministries, departments, and agencies (MDAs) for bilateral discussions and thorough scrutiny of the 2024 Budget.” He went on to explain, “After the review, we had few changes and adjustments based on the needs of the different MDAs, but they still fit into the budget heads.”

Consequently, he proposed, “That the sum N410.13 billion be approved for the services of the government of Anambra state for the year ending Dec. 31, 2024, and for related purposes.” Furthermore, he recommended, “We also recommend that funds should be released to MDAs for optimum budget performance.”

Dr. Somtochukwu Udeze, the House Speaker, commended the committee for its diligent scrutiny of the budget and expressed appreciation for the comprehensive review process. The approval was further solidified through a voice vote during the plenary session.

Following the successful passage of the bill, Speaker Udeze directed the Acting Clerk, Mr. Okechukwu Nwobi, to promptly transmit a copy of the bill to Governor Soludo for his official assent, marking a crucial step in the budgetary process.

Anambra State’s 2024 budget, aptly titled ‘Changing Gears: The Transformation Agenda Begins,’ reflects a remarkable increase from the previous fiscal year. With a total allocation of N410 billion, this budget surpasses the 2023 budget by N150 billion, signaling a substantial 57.8% growth from the earlier N260 billion financial plan. The state’s commitment to transformative initiatives is evident in the ambitious financial allocation, suggesting a robust strategy for development and progress in the coming year. Infostride News will continue to monitor and report on key developments related to Anambra State’s budget implementation and its impact on the state’s socio-economic landscape.