Posted by Amarachi on Wed 27th Nov, 2024 - tori.ng
Governor Eno said the 2025 fiscal year budget comprised recurrent expenditures of ₦300 billion and capital expenditures of ₦655 billion.
Gov Umo Eno
Akwa Ibom State Governor, Umo Eno, presented a budget of N955 billion for the 2025 fiscal year to the state’s House of Assembly for consideration on Tuesday, November 26.
Governor Eno said the 2025 fiscal year budget comprised recurrent expenditures of ₦300 billion and capital expenditures of ₦655 billion.
He stated that the total capital receipts and expenditure for the year 2025 are estimated at ₦655 billion as against the proposed revised provision of ₦573.32 billion for 2024.
According to him, the budget titled ‘Budget for Consolidation and Expansion’ is predicated on an oil benchmark of $75 per barrel at a production rate of 2.12 million barrels per day with an estimated exchange rate of ₦1,400/US$.
The Akwa Ibom Governor explained that the “total projected recurrent revenue for 2025 is estimated at ₦830 billion as against the proposed revised provision of ₦803.70 billion, representing a 3 percent increase in revenue projection for the year 2025“.
The governor said the policy thrust objectives of the 2025 budget would be to achieve food security through investing heavily in the agricultural revolution.
“Other objectives included rural development through robust investments in modern living facilities such as all seasonal roads, rural electrification and others within rural communities to ultimately improve the quality of life for those in the rural areas and help stem rural-urban migration. Ensuring that public schools in the state are equipped and staffed by teachers who are passionate and dedicated,” Eno stated.
In his remarks, Speaker of the Assembly, Udeme Otong, assured the governor that the lawmakers would quicken the consideration process to ensure speedy passage of the 2025 budget estimate to fasten development in the state.