The Governor of Anambra State, Professor Chukwuma Soludo has presented a proposed budget of N410,132,225,272 (Four hundred and ten billion, one hundred and thirty-two million, two hundred and twenty-four thousand, two hundred and seventy-two naira), for 2024 fiscal year, to the State Assembly in Awka, the State capital.
The recurrent expenditure is 23% while capital expenditure is 77%.
The budget recorded a 57.8 per cent increase from the N258.97 billion 2023 budget presented by the governor in November, 2022.
Governor Soludo while speaking at the house of assembly complex, said that Nigeria’s macroeconomic environment remains challenging due largely to the missteps of the past.
According to Soludo, “Sub-national governments are obviously constrained by the larger macro environment. However, we are determined to maximize the limited headroom available to create value for Ndi Anambra.”
He said, “In spite of the humongous need, we present a modest budget of N410,132,225,272 for fiscal year, 2024, compared to N258,984,875,905 for 2023 (about 57.8% increase). Recurrent expenditure accounts for N96.2 billion (23.46%) while capital expenditure is N313.9 billion (76.54%). Budget deficit is estimated at N120.8 billion. Relative to 2023, some key sectors have significant increases: Administrative sector (50.85%); Economic sector (103.43%); Judiciary Sector (72.9%); Social Sector (60.24%); Education (140.88%); Health (169.55%); Infrastructure investment (119.84%); overhead costs (34.1%); among others.”
He pointed out that the budget will accelerate agenda on clean, green and sustainable Anambra, urban and semi-urban water schemes, mainstreaming the sports economy, the state football team, among others, emphasizing that his administration’s agenda is to promote one state and one people.
“With the abundant resources that God has blessed Ndi Anambra with, there is literally nothing that we collectively set our minds to that we cannot achieve for our homeland. 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.
“In the proposed 2024 budget, there is a deficit of ₦120 billion expected to be funded through a facility from financial institution(s). Be rest assured that we won’t borrow unless it satisfies two stringent criteria we have set: a) it must be a concessionary loan; and b) it must be deployed to projects that we can show how they would pay back the loan in the future,” he stated.
“Three new cities are part of the new Masterplan for Anambra: Awka 2.0; Onitsha 2.0; and a new Industrial City (with Export Emporium and potentials for a possible future airport). An industrial masterplan is being finalized while the railway masterplan/feasibility study is also being completed.
The US$200 million project development, advisory and financing agreement signed recently with Afreximbank is part of this new agenda. We will continue to address the Ease of Doing Business.
Governor Soludo decried the decreasing Internally Generated Revenue (IGR) of the state and called on residents of the state to work to improve the state’s IGR.
“In the 2023 budget, we expected a monthly revenue of N4 billion. So far, we are averaging N2 billion, and we are still projecting N4.2 billion per month in 2024.
“We have been in office for 20 months but we have not taken any salary and have not bought any vehicle for the First Lady of Anambra. Before we assumed office, it cost about N137 million to clean public offices per month, but it currently costs N11 million to do the same job, with a monthly savings of N126 million per month. That’s how we do it here,” Soludo said.
The Governor appreciated the members of the state Assembly for their collaboration so far and reeled out some of his administration’s budget performance and achievements and asked for continued support from the people.
The Speaker, Anambra State House of Assembly, Honourable Somtochukwu Udeze said the budget is a device for ensuring continuous monitoring procedure, reviewing and evaluating performance with reference to agreed standards and said that with the passage of the 2023 budget, massive transformation is going on in all parts of the state, especially in infrastructure, education, health, human capital development, among others.
The Speaker assured that the proposed budget would be given accelerated hearing and passage.
The Chairman House Committee on Finance and Appropriation and member representing Anaocha Constituency Two, Hon. Ejike Okechukwu, in a vote of thanks, lauded the Governor and expressed optimism that the budget will impact the people positively.
The 2024 budget themed, “Changing Gears: The Transformation Agenda Begins” is aimed at beginning the transformation agenda and implementing a new master plan to change Anambra into a liveable and prosperous homeland.
Olusola Akintonde
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