Anambra State’s governor, Charles Soludo, submitted an N410 billion budget for 2024 to the state assembly on Tuesday for approval.
Speaking during the event, Soludo stated that the budget, titled “Changing Gears: The Transformation Agenda Begins,” was designed to start the transformation agenda and put a new master plan into action in order to create a successful and livable nation.
He stated that N913.2 billion in recurrent expenses and N313.9 billion in capital expenditures, or 77.37% and 23.46%, respectively, comprised the budget.
The governor announced that a N120 billion budget deficit was anticipated, which would be covered by a financial institution loan.
He noted, “We recorded an estimated 66 per cent budget performance in 2023 and today Anambra is ranked number one among the 17 southern states on ease of doing business and number two with the lowest impact mortality rate.
“Internally Generated Revenue remains a fundamental challenge. In the 2023 budget, we expected a monthly revenue of about N4 billion, so far, we are averaging N2 billion.
“We are projecting N4.2 billion as monthly IGR in the 2024 budget and this is a wake-up call to all residents that we cannot build a liveable and prosperous homeland if we do not pay tax.
Our goal with the proposed budget for 2024 is to combine ongoing projects. We are committed to maximizing value for the people of Anambra, so our teachers, students, the underprivileged, and the vulnerable will all smile.
Speaker of the House Somtochukwu Udeze thanked the governor for the state’s significant development programs after receiving the budget.
Udeze promised the governor that the budget would be reviewed quickly.
According to NAN, there is a 57.8% rise in budget between 2023 (N260 billion) and 2024 (N410 billion), totaling N150 billion.