Anambra Governor, Charles Soludo, on Truesday, presented N410 billion budget for the year 2024 to the State House of Assembly for approval.
The ambitious budget titled “Changing Gears: The Transformation Agenda Begins,” aims to set the stage for a prosperous and livable homeland.
With an emphasis on capital expenditure, the budget allocates N313.9 billion, representing 77% of the total, while recurrent expenditure accounts for N96.2 billion, or 23.46%.
This focus on capital projects reflects the government’s commitment to infrastructure development and economic growth.
Governor Soludo acknowledged the challenge of internally generated revenue (IGR), noting that the 2023 budget anticipated a monthly revenue of N4 billion but only N2 billion is being realized on average.
“Internally Generated Revenue remains a fundamental challenge. In the 2023 budget, we expected a monthly revenue of about N4 billion, so far, we are averaging N2 billion.”
He emphasised the importance of tax compliance, stating that “we cannot build a liveable and prosperous homeland if we do not pay tax”.
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The proposed budget for 2024 sets a target of N4.2 billion in monthly IGR, sending a clear message to residents about the critical role of taxation in achieving the state’s development goals.
Governor Soludo assured that the budget will prioritize teachers, students, the poor, and the vulnerable, maximising value for the people of Anambra.
Speaker of the House Somtochukwu Udeze welcomed the budget, commending the governor for the ongoing transformation projects across the state. He assured the governor of the Assembly’s commitment to a timely review and approval of the budget.
The proposed N410 billion budget represents a significant increase of 57.8% compared to the 2023 budget of N260 billion. This substantial increase in funding signals the government’s determination to accelerate its development agenda and achieve its overarching goal of transforming Anambra State into a model of progress and prosperity. (NAN)