The budget comprises N313.9 billion for capital expenditure (77%) and N 96.2 billion for recurrent expenditure (23.46%). Soludo also highlighted a N120 billion deficit, which is expected to be funded through financial institution facilities.
In his remarks, Soludo highlighted the state’s achievements, including a 66% budget performance in 2023. Anambra currently holds the top rank for ease of doing business among the 17 southern states and the second lowest impact mortality rate.
The governor expressed concern over the state’s internally generated revenue (IGR) challenge, noting that the 2023 budget projected a monthly revenue of about N4 billion but has only achieved an average of N2 billion. He aims to increase the monthly IGR to N4.2 billion in the 2024 budget and urged residents to fulfill their tax obligations.
Soludo also pledged to prioritize ongoing projects and ensure value maximization for the people of Anambra, particularly for teachers, students, and the vulnerable population.
Upon receiving the budget, the Speaker of the House, Somtochukwu Udeze, lauded the governor for the substantial transformation projects in the state and assured that the budget would undergo prompt consideration.
Reportedly, the variance between the 2023 budget (N260 billion) and the 2024 budget (N410 billion) represents a 57.8% increase of N150 billion.
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