Anambra State increases capex by 80% in 2024 budget

Anambra State, a state in Nigeria, is gearing up for a transformational journey with its 2024 budget, which features a significant 80% increase in capital expenditure compared to the previous year. The state's Commissioner for Budget and Economic Planning, Chiamaka Nnake, emphasized that the priority remains driving investments that support infrastructure development to propel economic growth. The draft estimate for the 2024 budget stands at 410 billion, a notable jump from the 259 billion estimated in 2023. The capital budget accounts for approximately 76% of the total budget, reflecting a substantial commitment to infrastructure projects. Nnake explained that the increase in the capital budget by over 90% from the previous year signals a strategic shift towards boosting infrastructure investments to drive the state's development agenda. One of the key focal points of the budget is the development of key sectors of the economy, with a particular emphasis on infrastructure. Nnake highlighted some of the major projects in the pipeline, including the construction of 400 kilometers of roads, the establishment of industrial parks, and the creation of three new cities: Orca 2.0, Onitsha 2.0, and industrial cities with free trade and export processing zones. In addition to infrastructure enhancements, the budget also prioritizes social sectors such as health and education. Nnake pointed out that the allocation for the education sector saw a significant surge of over 140% in the 2024 budget, emphasizing the government's commitment to providing quality education. The state has implemented free education from nursery to JSS3, with capped fees for SS1 to SS3, marking a significant milestone in educational access. Regarding healthcare, Anambra State is ramping up efforts to improve the system by providing free antenatal and delivery services, renovating primary healthcare facilities, and ensuring that every hospital in the state is staffed with a doctor. The budget for healthcare has been increased by over 169% to support these initiatives, with a focus on standardizing primary healthcare facilities and leveraging telemedicine services. As the state pushes forward with its ambitious development agenda, funding remains a critical aspect. Nnake revealed that the budget has a deficit of $120 billion, which the state plans to finance through project financing and concessionary loans. The government is committed to ensuring that any loans taken are directed towards projects with clear repayment plans, aligning with a strategy of responsible financial management. Overall, Anambra State's 2024 budget underscores a strong commitment to infrastructure development, social investment, and economic growth. By prioritizing key sectors and adopting innovative funding models, the state aims to accelerate its transformation agenda and unlock new opportunities for sustainable development.