Just In: Soludo Increases 2026 Budget By Over 24%, Proposes N757bn

…As Budget Deficit Rises By 29.8%

Anambra State Governor, Chukwuma Soludo has proposed a budget size of N757,884,487,705, to the 8th State Assembly.

Soludo submitted the 2026 Appropriation Bill titled, “Gear 3: Solution Continues” on Tuesday.

The proposed budget represents a 24.9 per cent increase from the 2025 budget, which was a total of 606,991,849,118.

The proposed budget also has its recurrent expenditure projected at N162.6bn, translating to 21 per cent of the total budget size.

This new figure is a N23.1bn increase from the 2025 budget, representing a 16.6 per cent rise on the state’s day-to-day running costs.

Also, Soludo proposed a N595.3bn capital expenditure for the 2026 budget, accounting for 79% of the total budget.

This further showed an increase of over N23.1bn, representing 27.4 per cent in the funds earmarked for development projects.

However, Soludo said the proposed budget has a shortfall of N225.7bn, which represents 29.5 per cent of the total budget, expected to be financed through hybrid funding options and public–private partnerships.

He said, other channels of funding include improved internally generated revenue, concessions and support from financial institutions.

Notably, the 2026 proposed budget deficit, increased by N77.4bn when compared to the deficit of the 2025 budget, which represented 24 per cent of its budget.

Giving his presentation, Soludo said that despite being an election year, the state recorded over 60 per cent budget performance in 2025.

He stated, “I present to you the proposed 2026 budget, totalling N757,884,487,705. Compared to the 2025 budget of N606.99 billion, this represents a 24.1 per cent increase.

“We recorded over 60 per cent budget performance in 2025. Despite it being an election year, we remained focused and in execution mode.

“The 2026 budget framework is designed to drive growth across all sectors. We remain committed to responsible fiscal management, with no borrowing for consumption.

“I want to assure you that every kobo will be prudently utilised to maximise value for the people of Anambra State and we will continue to lay the foundation for the prosperous, liveable and smart homeland we envisioned.”

Receiving the budget, the Speaker of the House, Somtochukwu Udeze, commended the governor for the ongoing transformation projects across the state, assuring him of swift and thorough consideration of the proposed budget.