CurrentReport Blog Governor Umo Eno of Akwa Ibom State has presented a proposed budget of N955 billion for the 2025 fiscal year to the State House of Assembly. This marks an increase from the revised N923.46 billion budget for 2024, reflecting the administration’s commitment to expansion and consolidation of key developmental initiatives.
The proposed budget, titled “Budget for Consolidation and Expansion,” allocates N300 billion for recurrent expenditures and N655 billion for capital projects. Governor Eno stated that the budget is based on an oil benchmark of $75 per barrel, a production rate of 2.12 million barrels per day, and an exchange rate of N1,400/US$, aligning with national projections.
Key Highlights of the 2025 Budget Proposal
- Recurrent Revenue: Estimated at N830 billion, a 3% increase compared to the revised provision of N803.70 billion for 2024.
- Capital Expenditure: Proposed at N655 billion, up from N573.32 billion in 2024.
- Policy Objectives:
- Boosting food security through significant investments in agricultural initiatives.
- Rural development with modern infrastructure like all-season roads, rural electrification, and improved facilities to reduce rural-urban migration.
- Enhancing public education by equipping schools and recruiting dedicated teachers.
Governor Eno emphasized the need for fiscal discipline, noting that the state will focus on implementing only programs captured in the budget to ensure maximum efficiency and impact.
Speaker Promises Speedy Passage
In response, Speaker of the House, Udeme Otong, assured that lawmakers would prioritize the consideration and passage of the 2025 budget to accelerate development in the state. He called on Ministries, Departments, and Agencies (MDAs) to cooperate during the budget defense process for timely approval.
