Anambra Forges Path to Economic Prosperity with N410 Billion Budget, Signals a New Era of Growth and Development
By Tony Eri
As the new financial year begins, Anambra State government has released its budget breakdown for 2024, outlining the allocation of funds across various sectors.
The Commissioner performed the breakdown session during a Press Conference at the Government House, Awka, flanked by the Commissioner for Information, Sir Paul Nwosu, and the Press Secretary, Christian Aburime.
According to the Commissioner for Budget and Economic Planning, Mrs Chiamaka Nnake, the total budget for the upcoming year stands at N410,132,225,272 with a focus on infrastructure healthcare, education, agriculture, among others.
Mrs Nnake explained that the budget will be financed from a combination of sources, including internal generated revenue (IGR), federal allocations, and loans. She noted that the state has a N5 trillion economy and that its IGR has been increasing steadily.
She also said that the budget includes a N120 billion loan that has already been approved by the Anambra State House of Assembly. She explained that the loan is a concessionary loan and that project financing is the way. Every money being borrowed is to finance a particular project that is capable of paying it back.
The Commissioner also spoke about a $200 million Memorandum of Understanding (MOU) Agreement between the Anambra State Government and AFREXIM Bank.
She emphasized that AFREXIM Bank is into project financing and that they are championing the development of the industrial city in the state, hinting that they will act as advisers and develop the project preparation which requires mobilization of investors to come together and invest in the industrial city.
She said that AFREXIM Bank is not bringing the money hundred percent but that they are going to stimulate, mobilize, and attract potential investors into the project.
Mrs Nnake made it clear that AFREXIM is a bank and that of course, they are going to invest in a project that is bankable.
The Commissioner for Information, Sir Paul Nwosu who also spoke at the press conference said that the Soludo administration is committed to a vibrant media and that the increase in the budget for media outreach will lead to a transformation in the industry.