Governor Umo Eno Presents 2025 Budget Proposal To Akwa Ibom House Of Assembly.
Governor Umo Eno Presents 2025 Budget Proposal To Akwa Ibom House Of Assembly.
By Asuquo Nuwak
Akwa Ibom State Government, recently announced N955 billion 2025 budget proposal to the Akwa Ibom House of Assembly, for quick passage into law.
The budget proposal, described as “Budget of Consolidation and Expansion,” shows N300 billion for recurrent expenditures and N655 billion for capital expenditures.
It is important to note that the 2025 proposal is three per cent higher than the revised 2024 budget provision of N923.4 billion which is still before the lawmakers for consideration and approval.
Akwa Ibom Governor Umo Eno who presented the budget proposal to the state lawmakers said the 2025 budget is based on an oil benchmark of $75.00 per barrel at a production rate of 2.12 million barrels per day with an estimated exchange rate of N1,400 /US$, in line with the National Budget benchmark projections.
According to the report, the National GDP has been projected at a 3.68 per cent growth rate with a national inflation rate of 32.8 per cent.
The Akwa Ibom State Government is reported to have pegged the recurrent revenue for the 2025 fiscal year at N830 billion, an increase of three per cent when compared with N803.7 billion in the revised 2024 provision.
The breakdown of the budget figure shows that the state government is proposing to get N80 billion from internally generated revenue, N20 billion from statutory revenue, N135 billion for derivation revenue, N60 billion for 13 per cent derivation arrears, N455 billion from exchange gain, augmentation and others.
Aside from this the administration is projecting to receive N5 billion from excess crude, N70 billion for value added tax, and N5 billion from ecological funds.
Further breakdown of the N300 billion recurrent expenditure indicates N115.7 billion for personnel costs, while N184.3 billion is set aside for overhead costs.
In line with the review of 2024 budget Governor Umo Eno disclosed that as of October the state government had received N801 billion as recurrent revenue, reflecting 168 per cent of what was proposed in the budget.
Besides this, he said the sum of N100.522 billion was realised from other capital receipts excluding recurrent surplus, reflecting 43.1 per cent of the pro-rated approved provision for the period under review.
In addition to this, Mr Umo Eno informed the lawmakers that as of October, a total of N328.003 billion was spent on capital programmes which reflect 80 per cent of the pro-rated provision for the period under review
In the area of his achievements, Mr Umo Eno disclosed that for the last 18 months in office, he has received four aircraft for the state-owned Ibom Airline, bringing the airline’s total fleet to nine. He said, he has been told that the airline has made significant progress and more profit this year.
The Executive Governor pledged to restructure Ibom Specialist Hospital to operate under the same model as Ibom Air.
In the area of humanitarian, poverty alleviation and social investment schemes, he said the government have made impressive impact and interventions in this direction, adding that the government is committed to building 400 humanitarian homes before the end of their first term.
He recalled that 42 of those humanitarian homes have already been completed and handed over to the beneficiaries, including 95 homes which are ready to be given out to beneficiaries, while work is ongoing on the remaining homes.
He mentioned the building of Model Primary Schools and Primary Healthcare Centres across the state and the payment of over N37 billion as gratuities to state workers.
The Governor who appealed for speedy passage of the budget, also thanked the lawmakers for their support.
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