March 17: Soludo’s Prudent Fiscal Management

IZUCHUKWU ADICHIE 

On March 17, 2024, Anambra State will mark the second anniversary of Governor Chukwuma Soludo’s tenure in office. It is noteworthy to celebrate the Global three-time winner of the Best Central Bank Governor’s award prudent fiscal management, which has been a significant factor in the success of his administration. Despite the current national economic challenges, including rising inflation, lower oil production, and rising expenditure, Soludo has demonstrated exceptional financial management skills. Under his government, the Anambra State has achieved financial stability and independence, even amidst the removal of fuel subsidies and other financial constraints. This achievement is a testament to his ability to manage resources effectively while ensuring financial transparency and accountability.

Upon assuming office, there was an emphasis on adherence to due process, integrity, and accountability in the management of public finances, as well as transparency in the allocation of public funds across various sectors. The administration was responsive and adaptive to changing times while also prioritizing the needs of the people it serves and eliminating unnecessary expenses and waste. For instance, upon taking office, it was discovered that the monthly cost of maintaining public offices was around N137 million. However, through an efficient management approach, this cost has been reduced to N11 million per month.

Soludo’s administration has demonstrated a commitment to prudent fiscal management, which has resulted in the state’s inclusion in the fiscal performance table – INDEX A for the first time in history. Additionally, Anambra State has been ranked among the top 5 Best Fiscal Performers in the country in the BudgiT 2023 Fiscal Transparency Index publication. In a further demonstration of its dedication to creating a conducive business environment, the Presidential Enabling Business Environment Council has ranked Anambra State as number 1 among all 17 Southern states and 7th in the country in the Ease of Doing Business.

Soludo holds national record as the only governor whose parliament approved a N 100 billion loan yet refused to access the loan. His remarkable achievements can be attributed to the unwavering focus on transparent budgeting, procurement portal accessibility, fiscal reporting, and website integrity. These efforts have resulted in a positive outcome, affirming Anambra State as a role model in good governance, financial prudence, and fiscal integrity. Furthermore, the state’s ability to pay its salaries, wages, and pensions while still embarking on capital projects without borrowing is a testament to its sound financial management practices.

#24MonthsOfSoludo