Gov. Umo Eno of Akwa Ibom, on Tuesday presented a budget proposal of N955 billion for 2025 before the state House of Assembly.
The 2025 proposal comprises of a recurrent expenditure of N300 billion and capital expenditure of N655 billion.
Speaking during the budget presentation, Eno said that the total capital receipts and expenditure for 2025 stood at N655 billion as against the proposed provision of N573.32 billion for 2024.
He said that the 2025 Budget, christened: “Budget for Consolidation and Expansion” was predicated upon an oil benchmark of 75.00 dollars per barrel at a production rate of 2.12 million barrels per day.
Eno said that the 2025 oil benchmark was pegged at an estimated exchange rate of N1,400 per dollar, which fell in line with the national budget benchmark projections.
The governor further said that the total projected recurrent revenue for 2025 was estimated at N830 billion as against the proposed provision of N803.70 billion for 2024.
The governor further said the policy thrust of the 2025 budget was to achieve food security through massive investment in agriculture.
Eno listed other objectives of the budget to include, rural development, educational growth, citizen’s welfare and security.
He said that the state government would ensure effective performance and fiscal discipline in order to achieve the objectives of the 2025 budget.
“We shall also provide appropriate incentives to attract private investment in the agriculture sector.
“We shall create jobs by strengthening micro and small-scale enterprise, and shall support them through working capital, grants and loans,” he said.
Eno said that investment in super infrastructure such as the Ibom Towers, roads, sports, tourism, housing and aviation would be given priority attention.
The governor said that the state would work to achieve nothing lower than 20 per cent increase in Internally Generated Revenue.
“We target to achieve this by eliminating evasion in payment, wastage and leakages in collection and expenditure,” he said.
In his remarks, the Speaker of the assembly, Mr Udeme Otong, assured the governor that the assembly would expedite the passage of the appropriation bill.
Otong urged all heads of ministries, departments and agencies in the state to cooperate with the assembly during the budget defense to ensure speedy passage.(NAN).
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