Governor Umo Eno of Akwa Ibom State has unveiled the proposed 2025 budget of ₦955 billion to the State House of Assembly in Uyo. Titled the “Budget of Consolidation and Expansion,” the budget aims to strengthen ongoing development efforts while addressing new challenges.
Governor Eno explained that the financial plan comprises ₦300 billion for recurrent expenditure and ₦655 billion for capital projects. The proposal is based on key national economic projections, including an oil price benchmark of $75 per barrel, a production rate of 2.12 million barrels per day, and an exchange rate of ₦1,400 per US dollar.
In his presentation, Eno highlighted the 2025 budget’s increase of 3% compared to the revised ₦923.462 billion budget for 2024. He stated, “The government has proposed a total budgetary outlay of ₦955bn for the 2025 financial year, as against the proposed revised provision of ₦923.462bn of 2024, representing an increase of 3% from the 2024 revised budget.”
The governor further disclosed that the state expects a total recurrent revenue of ₦830 billion in 2025, up from ₦803 billion in 2024. This revenue includes ₦80 billion from Internally Generated Revenue (IGR), ₦20 billion in statutory allocations, and ₦135 billion from derivative revenue. Additionally, ₦455 billion is projected from exchange gains and other sources, while ₦60 billion will come from derivative arrears.
Regarding expenditures, Governor Eno detailed that personnel costs will account for ₦115.695 billion, while overhead costs are set at ₦184.305 billion. Key allocations will address infrastructure, social services, and economic growth projects.
