Posted by Amarachi on Wed 25th Dec, 2024 - tori.ng
The resolution came after the adoption of the report presented by the Chairman of the House Committee on Appropriation and Finance, Itoro Etim, on December 24, 2024.
The Akwa Ibom State House of Assembly has passed the N955 billion budget for the 2025 fiscal year.
The resolution came after the adoption of the report presented by the Chairman of the House Committee on Appropriation and Finance, Itoro Etim, on December 24, 2024.
Recall that the state governor, Umo Eno, had initially presented the budget proposal, tagged the “Budget of Consolidation and Expansion,” to the assembly on November 26, 2024.
According to the budget projections, N300 billion is allocated for recurrent expenditures, and N655 billion is allocated for capital expenditures, marking a 3% increase from the N923.412 billion revised budget for 2024.
The budget is 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 the US dollar.
It also considers a projected national GDP growth of 3.68% and an inflation rate of 32.8%.
The policy thrust is anchored on the A.R.I.S.E. Agenda, focusing on five pillars: agriculture, rural development, infrastructure maintenance and advancement, security and education.