Akwa Ibom State Governor, Umo Eno, on Tuesday, presented a proposed budget of N955 billion for the 2025 fiscal year to the State House of Assembly.
Titled the “Budget of Consolidation and Expansion,” the budget reflects a 3% increase from the revised N923.462 billion budget for 2024 and aligns with the administration’s ARISE Agenda.
The proposed budget allocates N655 billion to capital expenditure and N300 billion to recurrent expenditure. Key focus areas include rural development, infrastructure, food security, healthcare, education, and job creation.
Governor Eno emphasized that the budget was designed to address fiscal realities, based on an oil benchmark of $75 per barrel, a production rate of 2.12 million barrels per day, and an exchange rate of N1,400 to $1.
Governor Eno reassured stakeholders that funding for the budget would be secured through statutory allocations, derivation revenues, VAT, and an internally generated revenue (IGR) target of N80 billion. He also stressed that measures to reduce revenue leakages and stimulate economic activity would be intensified.
In his address, the governor provided a comprehensive review of the 2024 budget’s performance. Initially set at N849.970 billion, the 2024 budget was revised to N923.462 billion, with N350.142 billion allocated for recurrent expenditure and N573.319 billion for capital projects. By October 2024, the state had collected N801.079 billion in recurrent revenue, exceeding the pro-rated target by 168.6%. Additionally, N328.003 billion had been spent on capital projects, achieving 80% of the pro-rated target.
Governor Eno reiterated his administration’s commitment to rural development, which remains a central focus of the 2025 budget. He expressed optimism that the new fiscal plan would build on past achievements, including the development of all-season roads, rural electrification, healthcare facilities, schools, and markets, aimed at improving quality of life and reducing rural-to-urban migration.
In addition to rural development, the budget also outlines plans for expanding tourism, housing, and aviation infrastructure, with projects such as the Ibom Towers in Lagos to support the state’s external economic efforts.
Governor Eno pledged to complete all ongoing projects and initiate new ones to ensure balanced and sustainable development. He also emphasized the administration’s commitment to transparency, accountability, and performance tracking using key performance indicators (KPIs) to monitor and evaluate sectoral outcomes.
Reflecting on the successes of 2024, the governor celebrated investments in infrastructure, healthcare, education, job creation, and climate change initiatives, as well as empowerment for women entrepreneurs. He assured the people of Akwa Ibom that his administration would continue to build on these foundations for long-term growth.
Governor Eno described the 2025 budget as a strategic roadmap for sustainable development, aimed at enhancing the state’s living standards and furthering its position as a model state in Nigeria. He urged the Akwa Ibom people to remain united and continue supporting the government’s efforts to consolidate past achievements and expand opportunities.
In response, the Speaker of the State House of Assembly, Hon. Udeme Otong, assured the governor of the legislature’s commitment to thoroughly reviewing the budget proposal. He emphasized that the assembly would ensure the budget aligns with the aspirations of the people and provides a clear path to sustainable development.
