Governor Charles Soludo of Anambra State presented the proposed budget for the year 2024 to the state House of Assembly. The budget, titled “Changing Gears: The Transformation Agenda Begins,” aims to initiate a comprehensive transformation plan and implement a new master plan to create a thriving and livable homeland.
The budget consists of a total of N410 billion, with N313.9 billion allocated for capital expenditure, accounting for 77% of the budget, and N96.2 billion allocated for recurrent expenditure, accounting for 23.46% of the budget.
To finance the budget, there is a projected deficit of N120 billion, which is expected to be covered through financial assistance from various institutions.
Governor Soludo highlighted the accomplishments of the previous year, with Anambra State achieving a 66% budget performance. The state currently holds the top position among the 17 southern states in terms of ease of doing business and ranks second with the lowest maternal mortality rate.
However, the governor acknowledged that generating sufficient internal revenue remains a significant challenge. While the 2023 budget anticipated a monthly revenue of approximately N4 billion, the actual average revenue generated has been around N2 billion.
Governor Soludo expressed his optimism for the future and emphasized the importance of efficiently utilizing the allocated funds to foster development and progress in Anambra State.