Governor Umo Eno of Akwa Ibom State has signed the state’s 2025 budget into law, totalling N955 billion.
Mr Eno assented to the budget on Monday at an enlarged State Executive Council meeting witnessed by the Speaker of the State Assembly, Udeme Otong and other members of the House of Assembly.
|
|
The Commissioner for Information, Ini Ememobong published excerpts of the meeting on Facebook.
Details of the budget published on Facebook by Ubon Marcus, a media aide Mr Eno indicate that the 2025 Appropriation Law has a recurrent expenditure of N300 billion while N655 billion is for capital expenditure.
|
|
|
|---|
The budget represents a 3 per cent increase from the N923.4 billion revised 2024 budget.
Budget assumptions, sectoral allocation
Christened Budget of Consolidation and Expansion, the 2025 budget is projected on the oil benchmark of $75 per barrel and a production rate of 2.12 million barrels per day.
The budget also pegged the exchange rate at N1,400 to a US dollar and at 32.8 per cent inflation.
Stay Ahead with Premium Times
Follow us on Google News and never miss breaking stories, investigations, and in-depth reporting.
Add as a preferred source on Google
A breakdown shows that the Economic Sector has the highest allocation of N564.1 billion representing 59.1 per cent of the total provisions. It is followed by Administration with N215.8 billion representing 22.6 per cent while Social Sector and Law and Justice are allocated N152.3 billion and N21.4 billion respectively.
Funding statistics
To fund the budget, the state government has projected a revenue of N830 billion for the 2025 fiscal year.
Of the figure, Akwa Ibom State Government is estimating N455 billion from Exchange gain, augmentation and others; N135 billion as derivation revenue; N80 billion as internally generated revenue, N60 billion as 13 per cent derivation revenue arrears, N70 billion as value added tax, N20 billion as statutory revenue, and N5 billion each from excess crude revenue and ecological fund.
ALSO READ: Eno backs out of minimum wage agreement with labour
In his remark after assenting to the budget, Governor Eno commended the House of Assembly for the expeditious passage of the budget and appreciated the synergy between the executive and the legislature in the state.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
More News
