•House Speaker Rt. Hon. Udeme Otong and Governor Umo Eno
DAN ETOKIDEM & CHARLES AKPAN, Uyo reporting
True to his promise to turn Akwa Ibom State into a huge construction site with massive roads and other infrastructural projects, Akwa Ibom State Governor, Pastor Umo Eno has earmarked a whopping ₦655 billion for capital expenditure for the 2025 financial year, while Recurrent Expenditure stands at ₦300 billion.
This was part of the ₦955 billion financial estimates he submitted to the Akwa Ibom State House of Assembly on Tuesday, November 26, 2024, for consideration and approval in line with constitutional requirement made pursuant to Section 121(1) of the 1999 Constitution of the Federal Republic of Nigeria as amended and Order 7, Rule 2(1) of Akwa Ibom State House of Assembly.
Backing words with action and in a strategic move that gives credence to the priority attention the governor places on his policy of completing all inherited projects alongside the timely completion of all projects conceptualised, awarded and executed by his administration, the 2025 Appropriation Bill tagged “Budget of Consolidation and Expansion”, has a whopping ₦564.417 billion representing 59.1% of the total budget allocated to the Economic sector alone while Administration has a projected budget proposal of ₦215.863 billion representing 22.6%, Law and Justice ₦21.393 billion representing 2.2%, Regional ₦1.002 billion representing 0.1% while the Social Sector has an allocation of ₦152.325 billion representing 16.0%.
According to Governor Umo Eno, the Akwa Ibom 2025 budget is predicated on a Oil Benchmark of $75 per barrel, production rate of 2.12 million barrels per day, exchange rate of #1400 to the US dollar, while National GDP and Inflation rate is pegged at 3.68% and 32.8% respectively.
Similarly, of the projected revenue estimates of ₦830 Billion, ₦80 billion will be sourced from IGR, Statutory Revenue ₦20 billion, Derivation Revenue ₦135 billion, 13% Derivation Revenue Arrears ₦60 billion, Exchange Gain, Augmentation and others ₦455 billion, Excess Crude Revenue ₦5 billion, VAT ₦70 Billion and Ecological Fund ₦5 billion.
The budget has a proposed Recurrent Expenditure of ₦300 Billion, made up of Personnel Cost ₦115.695 billion which will take care of the minimum wage increase and Overhead Cost of ₦184.305 billion while the ₦655 billion estimated Capital Expenditure will be financed with ₦530 billion coming from the Consolidated Revenue Fund, ₦100 billion from the Opening Balance from 2024 Account, ₦10 billion from External Bank Loan, Grants ₦11 billion, Reimbursement from FG on Roads ₦1 billion, Other Exceptional Income ₦1 billion and ₦2 billion from the Stabilisation Account.
The 2025 Appropriation Bill which passed through second reading on Tuesday, was committed to the House Committee on Appropriation and Finance for further legislative action.
