Soludo reveals Anambra’s financial reality

Governor, Chukwuma Soludo, has disclosed that if the Anambra state revenue were divided among its residents monthly, each person would receive less than N2,500.

Soludo made this revelation at The Platform, a program organized by Covenant Nation in Lagos to mark the 2024 Democracy Day on Wednesday, June 12.

“As a person, for example, I deeply feel the pains of Nigerians at these challenging times, especially the over 100 million Nigerians who are multidimensionally poor. Times are hard,” Soludo said.

He continued, “Sometimes, I just wish that I could give every resident of Anambra maybe a million naira each to ameliorate the hardship that we have, but the reality is that if we get our entire revenue in a month, both from FAAC and from our IGR, and put it on the table, call all our estimated 8.5 million residents and share it, nobody will get up to N2,500.”

Soludo lamented that Anambra state revenue, which is insufficient to give each resident even N2,500, is also used to pay salaries, gratuities, build infrastructure, and invest in health, education, and security.

“We recently recruited over 8,115 new teachers and over 1,000 medical personnel, and these people also need to be paid from the same revenue,” he added.

The governor warned of Nigeria’s stringent fiscal challenges and technical solvency issues due to one of the world’s lowest tax revenues.

“Debt has piled up to a level that leaves little headroom for more borrowing, all at a very high cost, yet the needs of the citizens keep increasing in geometric proportions by the day,” he stated.

Soludo further highlighted that, as a last resort, the federal government could print more money, but this would lead to hyperinflation.

“At the extreme, the federal government can resort to an easy way out by printing more money, but after one week or two, a bottle of coke might be costing N1 million,” he cautioned.

The governor’s comments underscore the financial pressures faced by Anambra State and the broader challenges of economic management in Nigeria.