•House Speaker Rt. Hon. Udeme Otong and Governor Umo Eno
Akwa Ibom State Governor, Pastor Umo Eno yesterday, Tuesday, November 26, 2024, presented a N955 Billion 2025 Appropriation Bill to the State House of Assembly.
Here are the Budget Highlights:
1️⃣
✅️Recurrent Expenditure:
₦300 Billion
✅️Capital Expenditure:
₦655 Billion
✅️Total: ₦955 Billion
2️⃣
✅️Projected Revenue Estimates
✅️IGR: ₦80 billion
✅️Statutory Revenue: ₦20 billion
✅️Derivation: ₦135 billion
✅️13% Derivation Revenue ✅️Arrears: ₦60 billion
✅️Exchange Gain, Augmentation and others: ₦455 billion
✅️Excess Crude Revenue: ₦5 billion
✅️VAT: ₦70 Billion
✅️Ecological Fund: ₦5 billion
✅️Total: ₦830 Billion*
3️⃣
♦️Budget Assumptions
✅️Oil Benchmark: $75 Per Barrel
✅️Production Rate:2.12m BPD
✅️Exchange Rate: #1400/USD
✅️National GDP: 3.68%
✅️Inflation Rate: 32.8%.
4️⃣
♦️Recurrent Expenditure
✅️Personnel Cost: ₦115.695 billion
✅️Overhead Cost: ₦184.305 billion
✅️Total: ₦300 Billion
5️⃣
♦️Capital Expenditure*
✅️Consolidated Revenue Fund: ₦530 billion
✅️Opening Balance from 2024 Account: ₦100 billion
✅️External Bank Loan: ₦10 billion
✅️Grants: ₦11 billion
✅️Reimbursement from FG on Roads: ₦1 billion
✅️Other Exceptional Income: ₦1 billion
✅️Stabilisation Account: ₦2 billion
✅️Total: ₦655 billion*
6️⃣
♦️Sectoral Allocation*
✅️Administration:
₦215.863 billion/22.6%
✅️Economic: ₦564.417 billion/59.1%
✅️Law and Justice: ₦21.393 billion/2.2%
✅️Regional: ₦1.002 billion/0.1%
✅️Social Sector: ₦152.325 billion/16.0%
♦️Total: ₦955 billion
☆Infographics: Daniel Etokidem
