The Anambra State Governor, Prof. Chukwuma Soludo, on Tuesday, presented the N607 billion 2025 draft budget proposal to the state House of Assembly.
Presenting the budget to the House, Soludo, who labelled the budget āChanging Gears 2.0ā with an emphasis on acceleration and execution, stated that it represents a 48 per cent increase compared to the 2024 budget of N410 billion.
Soludo explained that N139.5 billion, which represents 45 per cent of the budget, is allocated to recurrent expenditure, while N467.5 billion, representing 48.9 per cent, is for capital expenditure.
He added that the capital budget constitutes 77 per cent of the total budget size, while recurrent expenditure accounts for 23 per cent, reflecting the same ratios as in the 2024 budget. He also noted that the budget deficit is estimated at N148.3 billion, which is 24 per cent of the budget, compared to 30 per cent in the 2024 budget.
The governor pointed out that, as with the 2024 budget, the deficit is expected to be funded through revenue growth or borrowing from financial institutions, explaining that the state did not borrow to finance budget deficits in either 2023 or 2024.
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