Anambra to source 40% of revised 2022 budget from capital market to fund major projects

The Anambra State Government has announced that the sum of N68 billion out of the estimated N170 billion revised 2022 budget will be sourced from the capital market.

This was made known on Tuesday by the state’s Commissioner for Budget, Economic Planning and Development Partners, Ms Chiamaka Nnake, during a press conference where she gave the breakdown of the revised 2022 budget presented by Governor Charles Soludo to the State House of Assembly last week.

Nnake who addressed journalists at the government house Awka, said the budget would be financed through Internally Generated Revenue (IGR), loans and federal allocations.

According to NAN, the amount to be sourced from the capital market represents 40% of the total budget, while Internally Generated Revenue and Federal Allocation would provide N61.2 billion and N40.8 billion, representing 36% and 24% respectively.

Budget summary

Nnake said the budget, which was increased from initial N142 billion to N170 billion, made provision of 64% for capital projects, as against 57% in the old budget, while recurrent expenditures increased marginally by 0.79%.

  • She said the slight increase in the recurrent expenditures was to make for the additional workforce envisaged in the Ministries of Education and Health due to the ongoing recruitment in those sectors.
  • The commissioner said that N54 billion, representing 50% of the capital outlay would go to the Works Ministry for simultaneous investment on local roads and urban regeneration, adding that about N4 billion would be invested in the continuation of the Anambra Airport project.
  • The budget was however, silent on the uncompleted Awka Township Stadium and the International Convention Centre projects.
  • She said, “We left the budget on security unchanged at N9bn; we count on off-budget resources from donations to augment, while N2bn was budgeted for the construction of new Government House and Governor’s Lodge.
  • “The budget for transport was increased by 61 per cent to N1.6bn to support traffic decongestion and road management, while N2.3bn was allocated to water.’’
  • According to her budget breakdown, other priority sectors that got allocations include; Youth, N2.4 billion; ICT N I.3 billion and Agriculture, N700 million for the commencement of annual Oil Palm and Coconut Revolution.
  • She said that Education got N1.1 billion; Healthcare, N2.9 billion, Digitising 1GR collection, N1.2 billion and N2.5 billion for setting up a leisure/entertainment park in Agulu Lake.
  • The Commissioner said N54 billion had been earmarked for matching of counterpart funding for development partners programmes.

In case you missed it

  • Recall that on May 19, 2022, Governor Soludo presented a revised draft budget of N170 billion for 2022 to the state House of Assembly for approval.
  • The Assembly had on December 9, 2021, passed the 2022 Appropriation Bill of N141.9 billion, presented by the immediate past governor, Dr Willie Obiano, for approval.
  • Soludo said the purpose of the 2022 revised budget was to reflect current realities, challenges, priorities of the new administration and the dire needs of residents in Anambra.
  • He said that the budget was made up of N108 billion capital expenditure, accounting for 64% compared with 57% in the previous budget.

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