Soludo Unveils Massive N757.9bn Budget, Assigns Nearly Half To Education

According to Ireporter Online, Anambra State Governor, Prof. Chukwuma Soludo, has presented a N757.88 billion appropriation bill to the State House of Assembly for the 2026 financial year. The proposal, titled “Changing Gears 3.0: Solution Continues,” marks a major rise from the N606.99 billion approved for 2025, with education receiving the largest allocation at 46.7 per cent.

Soludo, who arrived at the Assembly complex around noon, began his presentation shortly after Speaker Somtochukwu Udeze delivered his opening remarks. He stated that the 2026 draft budget reflects his administration’s resolve to intensify development efforts across all key sectors of the state.

The governor explained that the budget represents a 24.1 per cent increase over the previous year’s estimate, emphasizing that the new fiscal plan is designed to strengthen execution and accelerate progress. He noted that the government intends to focus more deliberately on implementing its comprehensive agenda as the administration moves into its second term.

For the coming year, recurrent expenditure is projected at N162.6 billion, indicating a 16.6 per cent rise, while capital expenditure is estimated at N595.3 billion, a 26.3 per cent increase. Capital projects account for 79 per cent of the entire budget, with recurrent costs taking 21 per cent, underscoring the administration’s emphasis on infrastructure and human-capital development.

Soludo stated that the budget deficit stands at N225.7 billion, representing 29.8 per cent of the total proposal. He said the deficit would be financed through several channels, including improved internally generated revenue, proceeds from possible privatisation, and concessionary borrowing targeted at viable projects.

The appropriation bill passed its first reading during the plenary session, while the second reading is expected to hold today. Earlier, Speaker Udeze praised the governor for what he described as steady developmental progress, assuring him of the legislature’s continued support.

A brief moment of tension occurred before the governor’s arrival when lawmakers directed their suspended colleague, Bernard Udemezue of Ayamelum Constituency, to leave the chamber, causing a short period of disorder.