Akwa Ibom Governor Presents ₦955 Billion Budget Proposal for 2025

Governor Umo Eno of Akwa Ibom State on Tuesday presented a proposed budget of ₦955 billion for the 2025 fiscal year to the State House of Assembly for consideration.

The proposed budget represents an increase from the revised ₦923.46 billion provision in the 2024 budget.

The 2025 budget, christened the “Budget for Consolidation and Expansion,” comprises ₦300 billion for recurrent expenditure and ₦655 billion for capital expenditure.

Governor Eno noted that the capital expenditure for 2025 is estimated at ₦655 billion, up from the revised provision of ₦573.32 billion in 2024.

The budget is based on an oil benchmark of $75 per barrel, a production rate of 2.12 million barrels per day, and an estimated exchange rate of ₦1,400 per US dollar.

These parameters align with the projections in the National Budget.

Governor Eno also projected total recurrent revenue of ₦830 billion for 2025, marking a 3% increase from the revised ₦803.70 billion provision for 2024.

Highlighting the objectives of the proposed budget, Governor Eno emphasized the government’s focus on achieving food security through significant investment in agriculture. Other priorities include:

• Rural Development: Investment in all-season roads, rural electrification, and other modern facilities to improve the quality of life in rural areas and reduce rural-urban migration.
• Education: Ensuring public schools are well-equipped and staffed with passionate, dedicated teachers.
• Fiscal Discipline: Strengthening budget performance by implementing only programs outlined in the budget.

In his remarks, Speaker of the Akwa Ibom State House of Assembly, Udeme Otong, assured the governor of a swift review and passage of the budget to accelerate development in the state.

Otong also called on heads of Ministries, Departments, and Agencies (MDAs) to cooperate with the Assembly during budget defense sessions to facilitate the speedy approval of the budget.