Anambra State Governor, Charles Soludo, has unveiled a groundbreaking N410 billion budget for the year 2024, titled ‘Changing Gears: the transformation agenda begins.’
The budget, presented to the State House of Assembly for approval, is designed to kickstart a comprehensive transformation agenda and implement a new masterplan aimed at building a prosperous and livable homeland.
Governor Soludo provided a detailed breakdown of the budget, indicating that it comprises N313.9 billion for capital expenditure, constituting 77 percent, and N96.2 billion for recurrent expenditure, representing 23.46 percent. The budget also incorporates a deficit of N120 billion, which is anticipated to be financed through a facility from financial institutions.
During his address at the budget presentation ceremony, Governor Soludo highlighted the state’s achievements, citing Anambra’s impressive ranking as number one among the 17 southern states for ease of doing business and second place for the lowest impact mortality rate.
However, he acknowledged the challenge of Internally Generated Revenue ,IGR, and emphasized the need for residents to fulfill their civic responsibility by paying taxes. The governor projected a monthly IGR of N4.2 billion in the 2024 budget, signaling a commitment to enhance revenue mobilization.
Governor Soludo expressed determination to consolidate ongoing projects with the 2024 proposed budget. He assured that the state’s teachers, students, and vulnerable populations would benefit significantly from the initiatives outlined.
In response, the Speaker of the House, Mr Somtochukwu Udeze, commended Governor Soludo for the impactful transformation projects in the state. He pledged that the State House of Assembly would conduct an expeditious consideration of the budget.
The significant increase of N150 billion in the 2024 budget, compared to the N260 billion allocated in 2023, reflects a 57.8 percent rise, underscoring the administration’s commitment to driving sustainable development and prosperity in Anambra State.
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