Eno presents ₦955bn 2025 budget estimate to AKHA

Akwa Ibom Governor Umo Eno has presented a total budget proposal of N955 billion for the 2025 financial year to the Akwa Ibom State House of Assembly for consideration. This is a scale up from the revised provision of ₦923 .46 billion for 2024.

The 2025 financial appropriation estimate comprised of Recurrent Expenditure of N300 billion and Capital Expenditure of N655 billion.

Eno said that the total capital receipts and expenditure for 2025 is estimated at N655 billion as against the proposed revised provision of N573.32 billion for 2024.

He said that the 2025 budget christened “Budget for 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 on estimated exchange rate of ₦1,400 to the US dollar.

Eno added that the 2025 oil benchmark and exchange rate is in line with the National Budget benchmark projections.

He said the total projected recurrent revenue for 2025 is estimated at ₦830.000 billion as against the proposed revised provision of ₦803.70 billion representing 3 per cent increase in revenue projection for the year 2025.

The governor said the policy thrust objectives of 2025 budget would be to achieve food security through investing heavily in agriculture to revolutionize the sector.

Other objectives from the estimate included rural development through robust investments in modern living facilities such as all seasonal roads, rural electrification and others in rural communities to improve the quality of life for residents in the rural areas as well as receed rural-urban migration.

​In addition, ensuring that public schools in the State are equipped and staffed by teachers who are passionate and dedicated among other key sectors.

​The financial proposal reads: “To realise the year 2025 Budget objectives, the following strategies shall be adopted by the State to improve the effectiveness of our budget performance by ensuring fiscal discipline through implementing of only programmes that were captured in the Budget.

“Provision of appropriate incentives to attract private investment in the agricultural sector such as farming inputs supplies and tractor hiring.

“Create jobs by strengthening micro and small-scale enterprise (MSE) and supporting them through working capital, grant and loan.

“Investment in super infrastructure such as Ibom Towers, Lagos and completion of ongoing infrastructure investment in roads, sports, tourism, housing, aviation, etc.

“Amelioration of poverty and provide humanitarian services to extend maximum coverage to the poor and other vulnerable groups which includes youth, women, elderly in our society through pro-poor spending.

“Institutionalise quarterly Performance Tracking and Reporting using the MDAs’ Scorecard and Key Performance Indicators (KPIs),” Eno said.

The governor also said that the State will work to achieve at least 20 per cent increase in IGR by eliminating evasion in payment, wastages and leakages in collection and expenditure and developing tourism potential.

In his remark, the Speaker Udeme Otong, assured the governor that the lawmakers would quicken the consideration process to ensure speedy passage of the 2025 budget estimate to FastTrack development in the state.

Otong urged all Heads of Ministries Departments and Agencies (MDAs) in the state to cooperate with the House of Assembly during the budget defense to ensure speedy passage of the estimate.