Anambra State government will borrow N120 billion from financial institutions to fund the 2024 budget, according to the estimate the governor, Prof Charles Soludo, presented to the state’s assembly.
Soludo had on Tuesday presented a budget of N410 billion to the Anambra State House of Assembly for consideration and approval.
According to the governor, 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, recurrent expenditure is 23% while capital expenditure is 77%.