The Akwa Ibom government’s 2025 budget is ₦955 billion.
Umo Eno, the governor of Akwa Ibom State, delivered the N955 billion 2025 Appropriations Bill to the state House of Assembly on Tuesday for review and approval.”Budget of Consolidation and Expansion,” According to Eno, the budget consists of N655 billion in capital expenditures and N300 billion in recurring expenses.
Eno stated that the budget is based on an oil benchmark of $75.00 per barrel at a production rate of 2.12 million barrels per day with an estimated exchange rate of ₦1,400/US$, in accordance with the national budget benchmark projections, as he presented the budget to the lawmakers on the floor of the Assembly complex in Uyo.”The administration has suggested spending N955 billion in total for the fiscal year 2025, compared to the planned N923.462 of 2024 revised provision, which is a 3% increase over the 2024 revised budget.
In accordance with the National Budget benchmark predictions, he stated that 2025 is based on an oil benchmark of $75.00 per barrel at a production rate of 2.12 million barrels per day and an expected exchange rate of ₦1,400/US$.
He disclosed that, in comparison to the proposed amended provision of ₦803bn, the overall predicted recurrent revenue for 2025 is estimated to be ₦830bn, indicating a 3% rise in revenue projections for that year. In his estimation, statutory revenue is ₦20 billion, internally generated revenue is ₦80 billion, derivative revenue is ₦135 billion, 13% of derivative revenue arrears is ₦60 billion, and exchange gain, augmentation, and other factors are estimated to be ₦455 billion.
He also mentioned that the ecological fund is worth ₦5 billion, value added tax (VAT) is worth ₦70 billion, and extra crude is worth ₦5 billion.The governor stated that the estimated ₦300 billion in recurring expenses for the 2025 fiscal year is composed of N184.305 billion in overhead costs and N115.695 billion in personnel costs.
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