The Governor of Akwa Ibom State, Pastor Umo Eno, on Tuesday presented a proposed budget of ₦955 billion for the 2025 financial year to the Akwa Ibom State House of Assembly for consideration. This marks an increase from the revised provision of ₦923.46 billion for 2024.
The 2025 budget proposal comprises ₦300 billion for recurrent expenditure and ₦655 billion for capital expenditure.
Governor Eno stated that the total capital receipts and expenditure for 2025 are estimated at ₦655 billion, compared to the revised provision of ₦573.32 billion for 2024.
He described the 2025 budget, titled “Budget for Consolidation and Expansion,” as being based on an oil benchmark of $75 per barrel at a production rate of 2.12 million barrels per day and an estimated exchange rate of ₦1,400 per US dollar.
The governor added that the oil benchmark and exchange rate align with the national budget projections for 2025.
The total projected recurrent revenue for 2025 is ₦830 billion, up from the revised 2024 provision of ₦803.70 billion, representing a 3% increase in revenue projections.
Governor Eno highlighted the policy objectives of the 2025 budget, emphasizing a focus on achieving food security by investing significantly in agricultural development.
Other objectives include rural development through robust investments in infrastructure such as all-season roads, rural electrification, and modern living facilities to improve the quality of life in rural areas and curb rural-urban migration.
To achieve these objectives, the governor outlined strategies such as enhancing budget performance by maintaining fiscal discipline and ensuring that only programs captured in the budget are implemented.
Eno also mentioned plans to increase internally generated revenue (IGR) by at least 20% through measures to eliminate evasion, reduce wastage and leakages in revenue collection and expenditure, and develop the state’s tourism potential.
In his remarks, the Speaker of the Assembly, Mr. Udeme Otong, assured the governor of the lawmakers’ commitment to expediting the budget review process for swift passage, ensuring accelerated development in the state.
Otong also urged heads of ministries, departments, and agencies (MDAs) in the state to cooperate fully with the House of Assembly during the budget defense process to facilitate the timely approval of the budget.
