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Capital projects get 73.5% of Anambra’s ₦4bn 2024 budget

Giving a breakdown of sectoral allocations as a percentage of capital expenditure, Nnake said the Administrative Sector would take 5.5%.

Anambra plans to spend 76.5 per cent of its ₦4.1 billion 2024 budget on capital projects.

Commissioner for Economic Planning, Mrs Chiamaka Nnake, made the declaration in Awka on Saturday while giving the budget breakdown.

She explained that ₦313.9 billion of the budget would go to capital projects as proposed to the House of Assembly by Governor Chukwuma Soludo on Nov. 21.

Nnake noted that the 2024 proposal for capital projects showed a remarkable 80 per cent increase over what was obtained in 2003 when ₦163.5 billion of the ₦259 billion budget went to capital projects.

She noted that capital projects accounted for 63.1 per cent of the 2023 budget.

The commissioner told newsmen that recurrent expenditure would gulp ₦96.2 billion in 2024, a slight increase of 8 per cent over the 2023 estimate of ₦95.5 billion.

The 2024 budget, she said, had a deficit component of ₦120.8 billion.

“Recurrent expenditure accounts for 23.5 per cent of the 2024 budget.

“From the recurrent expenditure of ₦96.2 billion, salaries and allowances will take 30.3 per cent; social benefits, 16.7 per cent; overhead 38.2 per cent and others 15 per cent,’’ she explained.

Giving a breakdown of sectoral allocations as a percentage of capital expenditure, Nnake said the Administrative Sector would take 5.5 per cent, while, Economic Sector would take 76.5 per cent.

Law and Justice Sector would take 2.2 per cent, while the Social Sector would take 15.9 per cent, she added.

She said the Ministry of Education would get ₦20 billion while that of Health would get ₦16.7 billion.

The Ministry of Culture, Entertainment and Tourism gets ₦10 billion; the Ministry of Information gets ₦1.5 billion; the Ministry of Youth Development gets ₦4.1 billion, while the Ministry of Transport gets ₦5.4 billion.

The Ministry of Sports would get ₦1.7 billion; the Ministry of Women Affairs would get ₦1.5 billion; the Agriculture would get ₦2 billion, and the Information and Communication Technology Agency would get ₦2.8 billion.

Ministry of Housing would get ₦10.5 billion for the completion of the Government House and commissioners quarters and the construction of an Old Peoples Home.

Ministry of Works and Infrastructure would get ₦141 billion for the completion of ongoing and new road projects.

Nnake also said ₦2.5 billion would be spent on urban regeneration, while ₦44 billion would be spent on an airport, industrial cities, new cities, branded hotels and others.

The Ministry of Power and Water Resources get ₦8.2 billion to revamp urban water schemes while the Ministry of Budget and Economic Planning would get ₦2 billion.

Anambra’s 2024 budget is christened: “Budget of Acceleration’’.

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