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

Presenting the budget tagged, “Budget of Consolidation and Expansion” the Governor said the proposal builds on the administration’s ARISE Agenda and represents a three per cent 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.

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

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In addressing fiscal realities, the governor noted that 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.

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 his administration’s ability to mobilize resources and deliver on critical infrastructure despite economic uncertainties.