Anambra state governor, Professor Chukwuma Soludo has submitted N607billion to the state Assembly for approval as the state budget for 2025 fiscal year.
The amount when compared to the 2024 budget of N410billion represents an increase of 48.0 per cent.
Soludo who presented the budget proposal at the state house of assembly yesterday said the recurrent expenditure is estimated at N139.5 billion representing an increase of 45.0 per cent compared to that of 2024 while capital expenditure is N467.5 billion representing 48.9 per cent increase in the same last year amount.
The Capital Budget constitutes 77 per cent of the total budget size, while recurrent expenditures account for 23 per cent (the same ratios as for the 2024 budget) the governor stated.
He stated that the budget deficit is estimated at N148.3 billion representing 24 per cent of the budget compared to last year’s deficit of N120 billion which was 30 per cent of the budget.
He said that like the 2024 budget, the deficit is expected to be funded through revenue growth or borrowing from financial institutions, he stated.
“Depending on the execution in 2025, we may still not borrow to fund the deficit. Relative to 2024, several key sectors are seeing significant increases: the administrative sector by 45.5 per cent; the Economic sector by 40.1 per cent; the Judiciary sector by 51.3 per cent; the social sector by 82.7 per cent; Education by 101.4 per cent; Health by 57.1 per cent; and Infrastructure investment by 38.9 per cent.
“We are building upon the iconic projects initiated in 2024 while introducing new ones.
“Infrastructure and economic transformation as well as Human Capital Development remain the kernel of this administration, and, significantly, at least 70 per cent of the budget is allocated to these sectors.
“We are progressing the development of three new cities: Awka 2.0, Onitsha 2.0, and a new Industrial City. The Anambra Mixed-Use Industrial City Master Plan and the railway master plan/feasibility study have been completed. Afreximbank and AFDB remain committed to supporting the development of the Industrial City. We will continue to enhance the Ease of Doing Business in Anambra to ensure the State becomes the preferred destination for investors”, Soludo stated further.
Giving breakdown of the budget later, commissioner for Budget and Economic Planning, Chiamaka Nnake said governor’s security vote was raised to N25 billion in the current proposed budget from last year’s N17 billion adding that the total budget proposal for the governor’s office is N37 billion.
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