Governor Umo Eno of Akwa Ibom State has presented a ₦955 billion appropriation bill for the 2025 fiscal year to the Akwa Ibom State House of Assembly for consideration and approval.
During the presentation on Tuesday, Governor Eno highlighted that the proposed budget represents a 3% increase from the revised ₦923.462 billion budget for 2024.
“Government has proposed a total budgetary outlay of ₦955.000 billion for the 2025 financial year, made up of ₦300 billion for recurrent expenditure and ₦655 billion for capital expenditure,” the governor stated.
Dubbed the “Budget of Consolidation and Expansion,” the 2025 budget is based on an oil price benchmark of $75 per barrel, a production rate of 2.12 million barrels per day, and an estimated exchange rate of ₦1,400 to $1, aligning with national projections.
Key economic indicators for the budget include a projected 3.68% GDP growth rate and a national inflation rate of 32.8%. Governor Eno emphasized that the budget’s policy thrust would be anchored on the administration’s ARISE Agenda, focusing on poverty alleviation, wealth creation, agricultural revolution, and improved welfare for the people.
Expressing gratitude to the Speaker and members of the State House of Assembly, Governor Eno acknowledged the support and faith of the legislative arm in his administration. He also attributed the state’s achievements to divine providence despite limited resources and a challenging economic environment.
“We promise a faithful implementation of this Budget of Consolidation and Expansion for the general good of our people,” Eno said.
He called for the Assembly’s swift consideration and approval of the budget, noting that further details would be provided by the Commissioner for Finance.