Governor Charles Soludo of Anambra State presented a proposed N410 billion 2024 Appropriation Bill to the House of Assembly for approval on Tuesday.
During the ceremony, Soludo explained that the budget, titled ‘Changing Gears: The transformation agenda begins’, aims to kickstart the transformation agenda and implement a new master plan to create a livable and prosperous homeland.
The budget consists of N313.9 billion for capital expenditure, which accounts for 77 percent, and N96.2 billion for recurrent expenditure, which accounts for 23.46 percent.
The governor announced that there is a budget deficit of N120 billion, which is expected to be covered by a loan from financial institutions.
“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 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.
“With the 2024 proposed budget, we hope to consolidate on ongoing projects. Our teachers, students, poor and vulnerable will smile because we are determined to maximise value for the people of Anambra,” he said.
The Speaker of the House, Mr. Somtochukwu Udeze, expressed gratitude to the governor for the significant development projects in the state upon receiving the budget.
Udeze promised that the budget would be promptly reviewed. According to NAN, there is a difference of N150 billion between the 2023 budget (N260 billion) and the 2024 budget (N410 billion), indicating a 57.8% increase.
