Akwa Ibom State governor pastor Umo Eno has presented N955b appropriation Bill to the state House of assembly for consideration and approval.
Presenting the Bill on the floor of the House on Tuesday, Eno stated that this is against
the proposed revised provision of N923.462Bn of 2024 representing an increase of 3 per cent from the 2024 revised budget.
Christened “Budget of consolidation and expansion” , Eno explained that the budget is predicated 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 line with the National Budget benchmark projections.
His words, “Government has proposed a total budgetary outlay of N955.000 billion for the 2025 Financial Year as against the proposed revised provision of N923.462 of 2024 representing an increase of 3% from the 2024 revised budget.
“This is made up of: Recurrent Expenditure – N300.000 billion. Capital Expenditure- N655.000 billion. Total- ₦955.000 billion.
“The National GDP has been projected at 3.68% growth rate with National inflation rate of 32.8%. The Policy Thrust of the 2025 Budget will be anchored on the ARISE Agenda of the present Administration”.
Eno thanked the speaker and members of the State House of assembly for their kind attention.
He celebrated God’s goodness and mercies to the people and the state , stressing that it is by God’s mercies that his administration has been able to achieved all enumerated despite lean resources and challenging macroeconomic environment.
“We promise a faithful implementation of this “Budget of Consolidation and Expansion” for the general good of our people.
“Our resolve to alleviate poverty and create wealth, generate employment, bring about agricultural revolution and uplift the overall welfare of our people remains unflinching and an abiding article of engagements and faith
“I beseech you therefore, to expeditiously consider and approve the 2025 Budget proposals, as the relevant details will be provided by the Hon. Commissioner for Finance”, Eno stated
