Anambra’s Bold Move: Assembly Greenlights N410B Budget for 2024, Capital Expenditure Surges to 77%

Infostride News reports that the Anambra State House of Assembly has given its nod to the state’s 2024 Appropriation Bill, a financial plan amounting to N410 billion. This approval comes a month after Governor Chukwuma Soludo submitted the bill to the House, with the green light finally given during a plenary session in Awka.

The green light for the budget was granted following the acceptance of the comprehensive report presented by Mr. Ejike Okechukwu, the Chairman of the House Committee on Finance and Appropriation. Okechukwu confirmed that the budget size would remain as initially presented by the Governor, signifying a collaborative effort between the executive and legislative branches in determining the financial trajectory of the state.

Providing a detailed breakdown of the budget, Okechukwu elucidated that the capital expenditure was pegged at N313.93 billion, constituting 77% of the total budget, while the recurrent expenditure, maintaining a figure of N96.20 billion, accounted for the remaining 23%. It is noteworthy that this allocation mirrors the structure proposed by Governor Soludo.

In a statement, Okechukwu shared insights into the thorough review process, stating, “We organised and invited the heads of ministries, departments, and agencies (MDAs) for bilateral discussions and thorough scrutiny of the 2024 Budget.” He continued, “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.”

The recommendation from the committee was clear, urging that the sum of N410.13 billion be approved for the services of the government of Anambra state for the year ending December 31, 2024, and for related purposes. Additionally, the committee emphasized the necessity for funds to be promptly released to MDAs to ensure optimal budget performance.

Commending the committee for its diligence in scrutinizing the budget, the House Speaker, Dr. Somtochukwu Udeze, lauded their efforts and conducted a voice vote for the approval of the report. This demonstrated a unified stance among the assembly members in support of the proposed budget.

Upon the passage of the bill, Speaker Udeze directed the Acting Clerk, Mr. Okechukwu Nwobi, to promptly forward a copy of the bill to Governor Soludo for his assent. This procedural step underscores the collaborative and constitutional process of budget approval, affirming the commitment of the legislative arm to the fiscal governance of Anambra State.

The 2024 budget for Anambra State, aptly titled ‘Changing Gears: The Transformation Agenda Begins,’ signifies a significant fiscal leap, surpassing the 2023 budget by N150 billion. This translates to a substantial 57.8% increase from the previous fiscal year’s budget, which stood at N260 billion.

The approved budget reflects the state’s strategic focus on transformative initiatives and underscores Governor Soludo’s commitment to steering the state towards a new trajectory of development. With the increased allocation, Anambra State is poised to embark on ambitious projects and programs aimed at fostering economic growth, infrastructural development, and overall societal advancement.

In conclusion, the approval of Anambra State’s 2024 budget marks a pivotal moment in the state’s financial landscape, setting the stage for a transformative agenda that promises to reshape the socio-economic fabric of the state. The collaborative efforts of the executive and legislative branches in scrutinizing and approving the budget underscore the commitment to effective governance and the pursuit of a prosperous future for Anambra State. As the budget awaits the governor’s assent, the people of Anambra eagerly anticipate the positive impact of the proposed initiatives on their lives and the overall development of the state.