Soludo Presents 2024 Budget To State Assembly

Soludo Presents 2024 Budget To State Assembly

Anambra State Governor, Charles Soludo has presented the state’s 2024 budget of N410bn to the floor of the Anambra State House of Assembly in Awka, the state capital.

The budget which the governor dubbed “Changing Gears” will have 77 percent of the total sum amounting to ₦313.93bn targeted at capital expenditure, while ₦96.2bn which is 23% of the budget was targeted at recurrent expenditure

For the ongoing 2023 budget, it was assumed that we would borrow N90bn to fund the budget. Up until now, we have still not borrowed a kobo, and won’t borrow until the end of the year.”

He explained that the 2024 budget which has a deficit of N120bn will be funded by a facility from financial institutions.

The governor said the budget is aimed at starting a transformation agenda and a new master plan that will transform the state into a livable and favourable place.

Governor Soludo however, said the size of the budget is relatively small in terms of dollars and other economic challenges, saying that they are determined to maximize value for the people of Anambra, prioritizing project financing and not borrowing to consume.

He said, “Suffice it to note that the size of the budget is indeed small — in real terms (purchasing power) or even in US dollars— when compared to some years ago.

The governor revealed that his administration has projected a monthly Internally Generated Revenue of N4.2bn per month in 2024 which is a over a 100 percent from what the state generates now and called on residents of the state to endeavor to pay their yearly income tax to the state

“Our Internally Generated Revenue (IGR) remains a fundamental challenge. In the 2023 budget, we expected a monthly revenue of N4bn.

“So far, we are averaging N2bn, and we are still projecting N4.2bn per month in 2024. This is a wake-up call to all residents of Anambra wherever they may live.

We have the Plan and the organization to execute. But we need resources. If each of us pays just 5-10% of our annual income as tax to the State, the Anambra of our dream will be fast-tracked.”