On Tuesday, Akwa Ibom State Governor Pastor Umo Eno presented a proposed total budget of N955 billion for the fiscal year 2025 to the State House of Assembly for approval.
This was in contrast to the amended provision of N923.46 billion in the 2024 Budget.
The financial appropriation estimate for 2025 included N300 billion in recurring expenditures and N655 billion in capital expenditures.
According to Eno, the entire capital revenues and expenditures for 2025 are anticipated at N655 billion, compared to the proposed revised provision of N573.32 billion for 2024.
He said that the 2025 Budget, titled “Budget for Consolidation and Expansion,” is based on an oil benchmark of $75 per barrel, a production rate of 2.12 million barrels per day, and an expected exchange rate of N1,400/US$.
Governor Eno emphasized that the 2025 oil benchmark and currency rate are consistent with the National Budget benchmark predictions.
The predicted recurring revenue for 2025 is estimated at ₦830 billion, up from the revised provision of B803.70 billion. This is a 3% increase in revenue projections.
Governor Eno added that the policy focus objectives of the 2025 budget will be to attain food security through significant investment in the agricultural revolution.
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cc: Daily Post Ng
