The Akwa Ibom Governor, Pastor Umo Eno, PhD, on Tuesday, November 26, 2024, presented the 2025 Appropriation Bill of N955bn to the state House of Assembly for consideration and approval.
Christened ‘Budget of Consolidation and expansion,’ Governor Eno said that the budget is made up of recurrent expenditure of N300bn and capital expenditure of N655bn
Speaking while presenting the budget before the lawmakers on the floor of the Assembly complex in Uyo, Dr Eno said that the budget is predicated on an oil benchmark of $75.00 per barrel at a production rate of 2.12 million barrels per day with an estimated exchange rate of ₦1,400/US$, in line with the national budget benchmark projections.
“The government has proposed a total budgetary outlay of N955bn for the 2025 financial year as against the proposed revised provision of N923.462 of 2024, representing an increase of 3% from the 2024 revised budget.
“This is made up of recurrent expenditure of N300bn and capital expenditure of N655bn.
“2025 is predicated on an oil benchmark of $75.00 per barrel at a production rate of 2.12 million barrels per day with an estimated exchange rate of ₦1,400/US$, in line with the National Budget benchmark projections,” he said.
He revealed that the total projected recurrent revenue for 2025 is estimated at ₦830bn as against the proposed revised provision of ₦803bn, representing a 3% increase in revenue projection for the year 2025.
According to him, Internally Generated Revenue is projected at ₦80bn, while statutory Revenue is ₦20bn and derivative revenue is ₦135bn, 13% of derivative revenue arrears is ₦60bn while Exchange Gain, Augmentation and others are projected at ₦455bn
He added that excess crude is ₦5bn, value added tax (VAT) is ₦70bn, and the ecological fund is ₦5bn.
On Recurrent Expenditure for the 2025 Fiscal Year, which is proposed at ₦300bn, the governor said is made up of a Personnel Cost of N115.695bn and an Overhead Cost of N184.305bn.
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