Akwa Ibom State Governor, Pastor Umo Eno, got the constitutional nod to the โฆ955 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 โฆ300 billion while โฆ655 billion is budgeted for capital expenditure. The total 2025 budget outlay represents a 3% increase from the โฆ923.412 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 โฆ215.863 billion representing 22.6%, of the total budget sum allocated to Administration, โฆ564.417 billion representing 59.1% allocated to the Economic sector, โฆ21,398 billion representing 2.2% goes to Law and Justice, โฆ1.002 billion representing 0.1% will go the the Regional sector while the Social Sector has an allocation of โฆ152.325 billion representing 16.0%.
The budget has a projected revenue estimates of โฆ830 Billion, sourced from; IGR โฆ80 billion, Statutory Revenue โฆ20 billion, Derivation Revenue โฆ135 billion, 13% Derivation Revenue Arrears โฆ60 billion, Exchange Gain, Augmentation and others โฆ455 billion, Excess Crude Revenue โฆ5 billion, VAT โฆ70 Billion and Ecological Fund โฆ5 billion.
Recurrent Expenditure for 2025 is โฆ300 Billion made up of Personnel Cost of โฆ115.695 billion and Overhead Cost of โฆ184.305 billion while the โฆ655 billion total capital receipts and expenditure earmarked for Capital Expenditure which represents a 14.25% increase from the revised provision of โฆ573.319 billion for 2024, will be financed with โฆ530 billion coming from the Consolidated Revenue Fund, while the balance of โฆ125 billion will be sourced with โฆ100 billion from the Opening Balance from 2024 Account, โฆ10 billion from External Bank Loan, Grants โฆ11 billion, Reimbursement from FG on Roads โฆ1 billion, Other Exceptional Income โฆ1 billion and โฆ2 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.
