The Governor of Anambra State Prof Charles Soludo has presented a N606.9 billion 2025 budget proposal, explaining that the budget has a recurrent expenditure of N139.5 billion, accounting for 23 per cent, while capital expenditure stood at N467.5 billion which accounts for 77 per cent, representing a budget deficit of N148.3 billion.
Penpushing reports that Soludo presented the proposed budget christened “the budget of changing gears 2.0 to the Anambra State House of Assembly on Tuesday, which recorded a 48 per cent increase from the N410 billion 2024 budget presented by him in November last year.
The Governor, during the presentation, said with this budget his administration was laying the groundwork for a thriving and sustainable future for many generations to come, adding that the budget deficit represents 24 per cent of the total budget, recalling that it was 30 per cent in the 2024 budget.
“With this budget, we are laying the groundwork for a thriving and sustainable future for many generations to come. As in the 2024 budget, the deficit is expected to be funded through revenue growth or borrowing from financial institutions. So far in both 2023 and 2024, we did not borrow to finance budget deficits. Depending on the execution in 2025, we may still not borrow to fund the deficit’, he said
Penpushing further reports that Soludo stated that the 2024 budget helped his administration to record some modest achievements in the state, stressing that the macroeconomic conditions under which the state government had to implement the 2024 budget had been challenging, considering the harsh economic realities caused by petrol subsidy removal.
The Governor pointed out that inflation has continued in double digits, with significant pressures on costs of living and cost of governance, but said, although many politicians will be focusing on politics, he will focus on delivering his administration’s agenda.
“For sure, 2025 is a governorship election year in Anambra State. Yes, while the politicians will be focusing on politics, we will be intensely and intentionally focusing 100% on the execution of our multi-faceted agenda with a deadline,” he said.
Penpushing also reports that Soludo, for the umpteenth time, lamented that the Anambra’s Internally Generated (IGR) was decreasing, stating that the Internally Generated Revenue (IGR) has been grossly underperforming
“Our IGR has been grossly underperforming, and as of October 2024, budget performance stood at about 50 per cent pro rata, and we still have resisted the temptation to borrow. In 2025, we have projected an average monthly revenue of N5 billion, which will result in a total IGR of N60 billion,” he stated.
“Currently, we are averaging only N2.5 billion per month, which is well below the state’s capacity. In the coming weeks, there will be a renewed effort to strengthen our revenue generation capacity. We hope to maximise strategic partnerships with the federal government, the international community, and the private sector and communities’, he stated.
Penpushing reports that the governor stressed that to keep his administration afloat, he had cut the cost of governance in the state, adding that the needs of the poor and vulnerable are addressed in the 2025 budget.
“More than 100,000 households will receive ten or more seedlings of coconut, palm, ukwa, pawpaw, soursop, and other crops per household as we did in 2024. We will also provide grants to micro-businesses across 326 wards in the state as part of our commitment to our party mantra ‘Onye Aghana Nwanneya. In 2025, we plan to expand our One-Youth-Two-Skills program to accommodate more youths and empower them accordingly’, he stated
FOOTNOTE: You want to share story with us? You want to advertise with us? You need publicity for product, or service, or event? Contact us on WhatsApp +2348073463653 or email penpushing@yahoo.com
