Governor of Anambra state, Chukwuma Soludo, has presented a N607 billion 2025 draft budget proposal to the state House of Assembly.
Soludo presented the budget to the House, naming it “Changing Gears 2.0” with an emphasis on acceleration and execution, and noted that it represents a 48% increase over the N410 billion budget for 2024.
During the presentation, Governor Soludo detailed the allocation, with recurrent expenditures pegged at N139.5 billion, accounting for 23% of the total budget, and capital expenditures slated at N467.5 billion, comprising 77% of the budget.
Notably, the projected budget deficit is N148.3 billion, roughly 24% of the total budget, which is a decrease from the 30% deficit in the previous year.
The Governor emphasised that this deficit will be financed through either revenue growth or potential borrowing from financial institutions. Importantly, he reiterated that his government has not borrowed since its inception.
Focusing on the key sectors, the Governor affirmed that the budget prioritizes infrastructure development, economic transformation, and human capital. Education stands out as a primary beneficiary, with an impressive increase of over 101.4% compared to 2024, along with significant boosts for the health sector (57.1%), and the social sector (82.7%).
The Governor attributed these increases to his administration’s commitment to quality education, youth empowerment, and the expansion of ICT infrastructure.
Governor Soludo acknowledged the challenges posed by rising inflation and the need for sustainable revenue generation, pointing out that the 2025 budget’s value in real terms amounts to just $357 million, highlighting the pressing financial constraints faced by the state. He noted that even if fully executed, the budget would still fall short compared to expenditures in previous years.
In a call for unity, the Governor encouraged collaboration among stakeholders, expressing optimism about achieving the state’s developmental goals. He remarked, “As we look ahead to 2025, let us fully embrace the idea that we can and will achieve our goals together. The journey toward progress has only just begun.”
The presentation also drew remarks from the Speaker of the State Assembly, Mr. Somtochukwu Udeze, who commended Governor Soludo’s transformative initiatives and assured that the draft budget would receive prompt consideration by the Assembly.
