Anambra's Governor Chukwuma Soludo presented a N258.9 billion budget to the state House of Assembly on Thursday for approval.
Presenting the "Budget of Acceleration," it was stated that the amount was N89 billion higher than the N170 billion budget for 2022.
According to him, the budget was composed of N95.5 billion in recurrent expenses and N164.2 billion in capital expenditures, totaling N164.2 billion, or 63.2 percent and 34.8 percent, respectively.
The deficit in the budget, according to Mr. Soludo, is N13 billion.
“So far, we have not borrowed a kobo; we have however applied for N90 billion out of the approved N100 billion, and when it comes, we plan to roll it over as part of the 2023 financing.
“As a reflection of our people’s priority needs, about N91.8 billion or 56 per cent of the total capital expenditure is devoted to roads, transport, power and urban regeneration that the average citizen can feel, see, or use.
“Education, health, youths, and women and vulnerable groups have their capital votes more than doubled.
“We appropriately budgeted for counterpart funding to catalyse resource inflows from our partners and expenditure on security remains barely unchanged in spite of increased challenges,” he said.
Mr Soludo said global supply disruptions as a result of war in Ukraine had immense consequences on nations including Nigeria.
He said that Nigeria was faced with crunchy economic challenges under an unsustainable macroeconomic framework, increasing fiscal insolvency, high inflation, poverty and youth unemployment.
He identified exchange rate shocks, disruptions and declining oil production as other challenges.
The governor described the recent flooding as a national emergency which engulfed more than 50 per cent of the state land mass, dislocating hundreds of thousands of families and destroying lives, farms, assets and livelihoods in its wake.
“These added to the existing challenges of insecurity and criminality, road and traffic crisis, impunity and lawlessness, touting, air pollution, urban blight and low fiscal revenue.
“Daunting as the above may seem, we remain resolute with our eyes firmly focused on the ball,” he said.
The budget was referred to committees for sectorial dissection following the adoption of the first and second motions.
Uche Okafor, Speaker of the House, commended the governor for his leadership qualities.
He promised that the House would do due diligence on the budget to ensure its speedy passage.
(NAN)