Anambra: Governor Soludo submits N410bn budget for 2024 to state assembly

Charles Soludo, the governor of Anambra State, submitted an N410 billion budget for 2024 to the state House of Assembly for approval on Tuesday.

Speaking during the event, Soludo said that the budget, named “Changing Gears: The Transformation Agenda Begins,” was designed to establish a new master plan and launch the transformation agenda in order to build a more prosperous and livable country.

According to him, N96.2 billion was allocated for recurring spending (23.46%) and N313.9 billion for capital expenditures (77%).

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The governor announced that a N120 billion budget deficit was anticipated, which would be covered by a financial institution loan.

“We recorded an estimated 66% budget performance in 2023,” he said, adding that Anambra is currently placed second in the South among the 17 states with the lowest impact mortality rate and first in terms of ease of doing business.

“A fundamental challenge still exists with internally generated revenue. We anticipated receiving over N4 billion in revenue per month in the 2023 budget; thus far, we are only averaging N2 billion.

The 2024 budget “projects N4.2 billion in monthly IGR. This should serve as a wake-up call to all citizens that without taxation, we cannot create a prosperous and livable nation.”

Our goal with the proposed budget for 2024 is to combine ongoing projects. We are committed to maximising value for the people of Anambra, so our instructors, students, the underprivileged, and the vulnerable will all smile.

Speaker of the House Somtochukwu Udeze thanked the governor for the state’s significant development programmes 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.