Governor Charles Soludo of Anambra State on Tuesday presented a N410 billion 2024 budget to the state House of Assembly for approval.
Speaking at the ceremony, Soludo said the budget tagged ‘Changing Gears: The transformation agenda begins’ was aimed at beginning the transformation agenda and implementing a new master plan to build a liveable and prosperous homeland.
He said the budget was made up of N313.9 billion capital expenditure, representing 77 per cent and N 96.2 billion recurrent expenditure, representing 23.46 per cent.
The governor said the budget had a deficit of N120 billion expected to be funded through a facility from financial institutions.
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.
“With the 2024 proposed budget, we hope to consolidate ongoing projects. Our teachers, students, poor and vulnerable will smile because we are determined to maximise value for the people of Anambra.”
Receiving the budget, the Speaker of the House, Somtochukwu Udeze, appreciated the governor for the massive transformation projects in the state.
Udeze assured the governor that the budget would receive expeditious consideration.
NAN reports that the difference between the 2023 budget (N260 billion) and that of 2024 (N410 billion) is N150 billion, reflecting a 57.8 per cent increase.