Akwa Ibom State Governor Umo Eno on Tuesday presented the State House of Assembly with a budget estimate of N955 billion for the 2025 fiscal year.

Tagged the “Budget of Consolidation and Expansion” the proposal builds on the administration’s ARISE Agenda and represents a three percent increase from the revised N923.462 billion budget for 2024.

The proposed N955 billion budget allocates N655 billion to capital expenditure and N300 billion to recurrent expenditure, emphasising rural development, infrastructure, food security, healthcare, education, and job creation.

In addressing fiscal realities, the governor noted; “the budget is predicated 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”.

He assured stakeholders that statutory allocations, derivation revenues, VAT, and internally generated revenue (IGR), projected at N80 billion, would adequately fund the budget. Measures to curb revenue leakages and boost economic activity will also be intensified.

Governor Eno also used the occasion to provide a comprehensive review of the 2024 budget performance.

He said the approved budget for 2024 initially stood at N849.970 billion but later revised to N923.462 billion, comprising a recurrent expenditure of N350.142 billion and a capital provision of N573.319 billion.

“By October 2024, the state’s revenue performance showed significant progress, with N801.079 billion in recurrent revenue collected, representing 168.6% of the pro-rated approved provision for the period”. He asserted

According to Governor Eno, the capital receipts, excluding recurrent surplus, stood at N100.522 billion as of October, reflecting 43.1% of the pro-rated approved estimate.

Additionally, N328.003 billion had been spent on capital projects, achieving 80% of the pro-rated provision for the period. These achievements, he said underscored the administration’s ability to mobilise resources and deliver on critical infrastructure despite economic uncertainties.

The governor reiterated his administration’s focus on rural development as a cornerstone of the budget and expressed optimism that the 2025 budget would sustain and amplify these successes.

He said the goal of the 2025 fiscal blueprint is to provide modern amenities, including all-season roads, rural electrification, healthcare facilities, schools, and markets, to enhance the quality of life in rural communities and curb rural-to-urban migration.

Tourism, housing, and aviation infrastructure are also set for expansion, with projects such as the Ibom Towers in Lagos at the forefront of the state’s external economic engagements.

Governor Eno pledged to complete all ongoing projects while initiating new ones to ensure balanced and sustainable development.

He highlighted the administration’s dedication to transparency and accountability in budget execution, pledging to institutionalise performance tracking and reporting mechanisms using key performance indicators (KPIs) to monitor and evaluate outcomes across sectors.

As part of his review, the governor celebrated the strides made in 2024, including significant investments in infrastructure, healthcare, and education.

He highlighted the administration’s success in creating jobs, empowering women entrepreneurs, and achieving remarkable progress in public health and climate change initiatives.

He assured the Akwa Ibom people of his administration’s determination to build on these foundations.

He stated that the 2025 budget is not merely a financial document but a roadmap for sustainable growth, designed to improve living standards and enhance Akwa Ibom’s status as a model state in Nigeria.

He commended the Akwa Ibom people’s resilience and collaboration and urged them to remain steadfast in supporting the government’s development efforts. He emphasised that consolidating past gains and expanding opportunities require collective action and unity of purpose.

In his response, the Speaker of the State House of Assembly, Hon. Udeme Otong, assured the Governor of the legislature’s commitment to thoroughly scrutinize the budget proposal.

He pledged the assembly’s readiness to ensure that the budget aligns with the aspirations of the people and provides a clear path to sustained development