Governor Charles Soludo of Anambra State has provided a detailed breakdown of the state's budget, highlighting a strong emphasis on capital development.
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According to the governor, N467.5 billion, accounting for 48.9% of the budget, has been earmarked for capital expenditure. Meanwhile, N139.5 billion, representing 45% of the budget, is allocated to recurrent expenditure.
Soludo made this disclosure during the presentation of the 2024 fiscal budget, emphasizing the administration’s commitment to infrastructural growth and sustainable development.
He noted that the significant capital allocation is aimed at boosting key sectors such as education, healthcare, transportation, and urban renewal.
“This budget reflects our vision for Anambra as a state of opportunities. We are investing heavily in projects that will uplift the lives of our people and lay a strong foundation for economic growth,” the governor said.
The remaining percentage of the budget is expected to cover contingency provisions and other non-core expenditures.
Observers have praised the administration's focus on capital development, which they believe will lead to long-term benefits, while others have urged for transparent implementation to ensure the funds are used effectively.
The budget’s details will now be subjected to legislative review and public scrutiny before final approval and implementation.