Soludo Budgets N313b For Capital Expenditure In 2024

Governor Soludo made this known earlier yesterday during his presentation of the 2024 Budget Proposal tagged “Changing Gears: The Transformation Agenda Begins” to the Anambra State House of Assembly.

He informed that the proposed 2024 budget amount represents about 57% increase from last year’s budget. The details of the proposed budget revealed the following: recurrent expenditure, N96.2 billion (23.46%). Budget deficit is estimated at N120.8 billion. Some key sectors have significant increases such as; 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%) and overhead costs (34.1%).

” Our Internally Generated Revenue (IGR) remains a fundamental challenge. 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. This is a wake-up call to all residents of Anambra, and all Ndi Anambra wherever they may live. We can’t build the envisioned livable and prosperous homeland with our saliva. 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”.

He informed that although the 7th House of Assembly approved a borrowing plan of N100b for him that he was yet to borrow a kobo because according to him, there were some criteria by which the state can borrow money.

” 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. Even with an estimated 66% budget performance for 2023, we insist on not borrowing unless it satisfies our set criteria”.

He highlighted some of his achievements so far to include; payment of gratuities, recruitment of 5000 teachers, training and empowerment of 5000 youths through the 1-youth-2-skills program and disbursement of N2b to them, recruitment of health workers, construction of about 400 kilometres of roads and two flyovers, 10% increment in civil servants’ salaries since January 2023, payment of non-taxable 12000 to all public servants in the state amongst others.

Earlier, while welcoming the Governor, the Honourable Speaker of the Anambra State House of Assembly, Rt. Hon. Somto Udeze appreciated him for all his developmental efforts in the state.

He promised the Governor that the house will do due diligence to the draft budget.

Dignitaries like Secretary to the State Government, Prof. Solo Chukwulobelu, Chief of Staff to the Governor, Mr Ernest Ezeajughi, Head of Service, Barr. Theodora Igwegbe, members of the State Assembly, Members of Anambra Executive Council, APGA State Chairman, Barrister Ifeatu Obi-okoye, Members of the Civil Society Organization, Traditional Rulers and others attended the event.