Governor Charles Soludo of Anambra State presented the proposed N410 billion 2024 Appropriation Bill to the House of Assembly on Tuesday. The budget, themed ‘Changing Gears: The Transformation Agenda Begins,’ aims to kickstart a new era of development and implement a comprehensive master plan to foster a conducive and prosperous homeland.
According to Soludo, the budget comprises N313.9 billion for capital expenditure, constituting 77 per cent, and N96.2 billion for recurrent expenditure, amounting to 23.46 per cent of the total allocation.
The governor also disclosed that the budget carries a deficit of N120 billion, which is expected to be covered through a facility from financial institutions.
“In 2023, we achieved an estimated 66 per cent budget performance. Presently, Anambra State leads among the 17 southern states in the ease of doing business and ranks second with the lowest infant mortality rate,” Soludo remarked.
Soludo also highlighted the pressing issue of internally generated revenue (IGR), stating, “IGR remains a critical challenge. In the 2023 budget, we anticipated a monthly revenue of approximately N4 billion, but we are currently averaging N2 billion.
“For the 2024 budget, we are projecting N4.2 billion as the monthly IGR, and this serves as a clarion call to all residents that the development of a prosperous homeland hinges on our commitment to paying taxes.”
“Through the 2024 proposed budget, we aim to consolidate ongoing projects. Our teachers, students, as well as the less privileged, will benefit as we are resolute in maximising value for the people of Anambra,” he added.
Upon receiving the budget, the Speaker of the House, Mr Somtochukwu Udeze, expressed gratitude to the governor for the substantial transformation projects in the state and assured expeditious consideration of the budget.
It is noteworthy that the disparity between the 2023 budget (N260 billion) and the 2024 budget (N410 billion) reflects a substantial 57.8 per cent increase, amounting to a difference of N150 billion.
