Akwa Ibom State Governor, Pastor Umo Eno, got the constitutional nod to the ₦955 Billion 2025 Budget of Consolidation and Expansion, following the passage of the budget by the State House of Assembly on Tuesday, December 24, 2024 with a recurrent expenditure of ₦300 billion while ₦655 billion is budgeted for capital expenditure. The total 2025 budget outlay represents a 3% increase from the ₦923.412 billion revised provision of 2024.
This follows the adoption of the report by the Chairman, House Committee on Appropriation and Finance, Hon Dr Itoro Etim, which saw the House dissolve into the Committee of the Whole to consider the report, after which it was read the third time and passed into law by the lawmakers.
The 2025 AKSG budget as passed has a sectoral allocation of ₦215.863 billion representing 22.6%, of the total budget sum allocated to Administration, ₦564.417 billion representing 59.1% allocated to the Economic sector, ₦21,398 billion representing 2.2% goes to Law and Justice, ₦1.002 billion representing 0.1% will go the the Regional sector while the Social Sector has an allocation of ₦152.325 billion representing 16.0%.
The budget has a projected revenue estimates of ₦830 Billion, sourced from; IGR ₦80 billion, 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.
Recurrent Expenditure for 2025 is ₦300 Billion made up of Personnel Cost of ₦115.695 billion and Overhead Cost of ₦184.305 billion while the ₦655 billion total capital receipts and expenditure earmarked for Capital Expenditure which represents a 14.25% increase from the revised provision of ₦573.319 billion for 2024, will be financed with ₦530 billion coming from the Consolidated Revenue Fund, while the balance of ₦125 billion will be sourced with ₦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 budget which is predicated on an Oil Benchmark of $75 per barrel, production rate of 2.12 million barrels per day, exchange rate of #1400 to the US dollar, National GDP of 3.68% and Inflation rate of 32.8%, has its Policy Thrust anchored on the five critical pillars of the A.R.I.S.E Agenda which includes; Agriculture, Rural Development, Infrastructure Maintenance and Advancement, Security and Educational Advancement.
The 2025 Appropriation Bill which now awaits the Governor’s assent, was presented to the lawmakers on November 26, 2024.
