Akwa Ibom State House Of Assembly Passes N955 Billion 2025 Budget
Akwa Ibom State Governor, Pastor Umo Eno, got the constitutional nod to the N955 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 N300 billion while N655 billion is budgeted for capital expenditure.
The total 2025 budget outlay represents a 3% increase from the N923.412 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 N215.863 billion, representing 22.6% of the total budget sum allocated to Administration; N564.417 billion, representing 59.1% allocated to the Economic sector; N21.398 billion, representing 2.2%, goes to Law and Justice; N1.002 billion, representing 0.1%, will go to the Regional sector; while the Social Sector has an allocation of N152.325 billion, representing 16.0%.
The budget has projected revenue estimates of N830 billion, sourced from IGR N80 billion, statutory revenue N20 billion, derivation revenue N135 billion, 13% derivation revenue arrears N60 billion, exchange gain, augmentation, and others N455 billion, excess crude revenue N5 billion, VAT N70 billion, and the ecological fund N5 billion.
Recurrent Expenditure for 2025 is N300 Billion made up of Personnel Cost of N115.695 billion and Overhead Cost of N184.305 billion while the N655 billion total capital receipts and expenditure earmarked for Capital Expenditure which represents a 14.25% increase from the revised provision of N573.319 billion for 2024, will be financed with N530 billion coming from the Consolidated Revenue Fund, while the balance of N125 billion will be sourced with N100 billion from the Opening Balance from 2024 Account, N10 billion from External Bank Loan, Grants N11 billion, Reimbursement from FG on Roads N1 billion, Other Exceptional Income N1 billion and N2 billion from the Stabilisation Account.
The budget, which is predicated on an oil benchmark of $75 per barrel, a production rate of 2.12 million barrels per day, an exchange rate of N1400 to the US dollar, a national GDP of 3.68%, and an 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.
