Governor Chukwuma Soludo of Anambra State says the government plans to borrow N120 billion from financial institutions to fund the 2024 budget.
Soludo had presented a budget of N410 billion to the State Assembly on Tuesday for consideration and approval.
He said the budget deficit would be funded by borrowing from financial institutions.
“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,” he said.
The governor said in the proposed 2024 budget that the recurrent expenditure is 23 per cent while capital expenditure is 77 per cent.
Meanwhile, the governor may run into a head-on collision with the State Assembly over the budget.
It was gathered that there was no mention of local government elections in the appropriation bill laid to the House by the governor, a development that may not go down well with the legislators.
Soludo had in his inaugural address to the people of the state on March 17, 2021, promised to conduct LGA polls in the state within two years from the date of his swearing in.
Spotting the default, the member representing Awka South Constituency 1, Hon. Henry Mbachu decried the obvious omission of LGAs election in the budget.
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Mbachu said that going through the budget presented, it was glaring there were no intentions of conducting LGA election next year.
He said,” On page 475 of the budget presented by the governor, the budget for the State Independent Electoral Commission for this current year was N89.12 million while the projected estimate for the incoming year is N129.12 million.
“You find out there’s no feasibility or readiness for Local Government Election for the incoming year.
“I worry so much because this tier of government has suffered so much because of the lack of Local Government Elections.
“Local Government as the third tier of government is the bedrock of governance. Leadership and political tutelage is heavily mounted on this tier of government and should be upheld thus.
“If this can be wishfully considered, I’ll be glad. For now, the budget can go for a second reading,” Mbachu said.
