Anambra State Governor, Charles Soludo, presented a budget of N410 billion for the year 2024 to the State House of Assembly on Tuesday. Titled ‘Changing Gears: The Transformation Agenda Begins,’ the budget is designed to kickstart the transformation agenda and implement a new master plan for building a livable and prosperous homeland.
The budget composition includes N313.9 billion for capital expenditure, representing 77%, and N96.2 billion for recurrent expenditure, representing 23.46%. Governor Soludo revealed that the budget carries a deficit of N120 billion, expected to be funded through a facility from financial institutions.
Governor Soludo highlighted the state’s achievements, noting a 66% estimated budget performance in 2023. Anambra currently holds the top position among the 17 southern states for ease of doing business and the second position for the lowest impact mortality rate.
He acknowledged the challenges in Internally Generated Revenue (IGR) and emphasized the need for residents to pay taxes. The 2024 budget projects a monthly IGR of N4.2 billion, with the aim of consolidating ongoing projects and providing value for the people of Anambra.
The Speaker of the House, Somtochukwu Udeze, expressed appreciation for the governor’s commitment to massive transformation projects in the state. Udeze assured the governor that the budget would undergo prompt consideration.
The 2024 budget of N410 billion marks a significant increase of N150 billion (57.8%) compared to the 2023 budget of N260 billion.