Ini Billie, Uyo
The Akwa Ibom State Governor, Dr Umo Eno has presented a N955 billion budget proposal for the 2025 financial year to the State House of Assembly.
Speaking on Tuesday in Uyo during the budget presentation on the floor of the house, Dr Eno gave the recurrent expenditure as N300,000 billion and capital expenditure as N655,000 billion.
The governor who christened the fiscal proposal as the “budget of Consolidaton and Expansion, said it was predicated on an oil benchmark of $75.00 per barrel at a production rate of 2.12 million barrels per day with an estimated exchange rate of ₦1,400/US$.
“The 2025 Budget, which is christened “BUDGET OF CONSOLIDATION AND EXPANSION, is predicated on an oil benchmark of $75.00 per barrel at a production rate of 2.12 million barrels per day with an estimated exchange rate of ₦1,400/US$, in line with the National Budget benchmark projections.
“Government has proposed a total budgetary outlay of N955.000 billion for the 2025 Financial Year as against the proposed revised provision of N923.462 of 2024 representing an increase of 3% from the 2024 revised budget.
“This is made up of: Recurrent Expenditure – N300, 000 billion, Capital Expenditure – N655, 000 billion, total – ₦955,000 billion,” he stated.
Dr Eno explained that the total projected recurrent revenue for 2025 was estimated at ₦830.000 billion as against the proposed revised provision of ₦803.703 billion representing 3% increase in revenue projection for the year 2025.
He gave the budget breakdown to include ₦80,000 billion Internally Generated Revenue (IGR), ₦20,000 for billion statutory revenue, ₦135,000 billion as derivation revenue, while ₦60,000 billion was listed as the 13 per cent derivative revenue arrears among others.
He noted that the budget would be judiciously implemented in line with the ARISE Agenda and to achieve the lofty ideals of Akwa Ibom’s forebears, and urged that the State House of Assembly to approve the fiscal proposal.