Rita Odafe
The Akwa Ibom State House of Assembly has approved a budget of N955 billion for the fiscal year 2025.
This approval was made following a report presented by Itoro Etim, the Chairman of the House Committee on Appropriation and Finance, on December 24, 2024.
Governor Umo Eno had earlier introduced the budget proposal, known as the “Budget of Consolidation and Expansion,” to the assembly on November 26, 2024.
The budget allocates N300 billion for recurrent costs and N655 billion for capital investments, which represents a 3% increase from the revised budget of N923.412 billion for 2024.
It is based on oil pricing at $75 per barrel, a production expectation of 2.12 million barrels per day, and an exchange rate set at N1,400 against the US dollar.
The budget also anticipates a national GDP growth of 3.68% while accounting for an inflation rate of 32.8%.
Its policy direction is grounded in the A.R.I.S.E. Agenda, emphasizing five key areas: agriculture, rural development, infrastructure enhancement, security, and education.
