Governor of Anambra State, Professor Chukwuma Soludo yesterday presented a revised budget of N170 billion to the state House of Assembly for approval.
He informed the state lawmakers that he inherited a red treasury and pervasive insecurity, which appeared to be slowing down the momentum of his administration.
The revised budget size is N28 billion higher than the existing appropriation of N142 billion presented by his predecessor, Willie Obiano.
In the revised budget, capital expenditure increased from N81 billion to N108 billion, while recurrent expenditure increased marginally by 0.79% from N60 billion.
The governor said he left the budget on security unchanged, while counting on off budget resources from donations to augment.
Soludo said: “The purpose of the 2022 revised budget is to reflect current realities, challenges, and priorities of the new administration and Ndi Anambra. We are undaunted by the state of the treasury.
“We have seriously started reforming our system of tax administration to significantly ramp up our internally generated revenue over the coming years.
“Among the challenges we inherited, a red treasury and pervasive insecurity, especially with criminals taking the seven local governments of the south senatorial zone hostage were the most acute. We have chosen to confront the foundational issue of security head-on and expected that those profiting from the lucrative criminal enterprise would viciously fight back, and they have. Suffice it to say that so far, so good, they are testing our will and resolve. Let me assure you this: Anambra will win.
“In the meantime, the dire needs of Ndi Anambra and our transformation agenda cannot wait. We are working on a mixture of financing options, including debt that is ring-fenced to fund bankable projects and/or infrastructure with impacts on the economy, to guarantee efficient and effective service delivery to our people while ensuring fiscal sustainability over the medium to longer terms.
“As a reflection of our agenda, about 60% of the capital expenditure is targeted at delivering infrastructure that the average citizen can feel, see, use or touch and which have the highest developmental impact within the shortest possible time.
