Anambra budget jumps 58% as state plans to borrow

Gov. Charles Soludo of Anambra state on Tuesday announced a budget of N410 billion for 2024, 57.8% higher than the 2023 spending plan.

The budget has a deficit of N120 billion, which will be funded from borrowings, the governor said while presenting the plan to the state House of Assembly for approval.

Soludo said the budget is made of N313.9 billion capital expenditure, representing 77%; and N 96.2 billion recurrent expenditure, representing 23.46%.

What the governor said

“We recorded an estimated 66 per cent budget performance in 2023 and today Anambra is ranked number one among the 17 southern states on ease of doing business and number two with lowest impact mortality rate,” he said.

He said the state is facing challenges increasing its internally generated revenue, mainly taxes.

“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.

“We are projecting N4.2 billion as monthly IGR in the 2024 budget and this is a wake-up call to all residents that we cannot build a liveable and prosperous homeland if we do not pay tax.

“With the 2024 proposed budget, we hope to consolidate on ongoing projects. Our teachers, students, poor and vulnerable will smile because we are determined to maximise value for the people of Anambra,” he said.