Financial Challenges of Nicosia Municipality and Recovery Plan
March 20, 2025
The Municipality of Nicosia is facing serious financial issues, with annual expenses amounting to 72 million euros. It requires annual funding of 32 million euros, while state funding is limited to 22.5 million euros. The mayor mentioned a medium-term plan is being developed to reduce costs and improve financial management. Despite the challenges, there are initiatives aimed at upgrading public infrastructure.