The governor of Akwa Ibom State, Umo Eno, on Tuesday presented the 2025 Appropriation Bill of Nine Hundred and Fifty five billion naira to the state House of Assembly for consideration and approval.
Speaking while presenting the budget before the lawmakers on the floor of the Assembly complex in Uyo, Eno said 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 per US $, in line with the national budget benchmark projections.
He revealed that the total projected recurrent revenue for 2025 is estimated at ₦830bn as against the proposed revised provision of ₦803 billion, representing a 3% increase in revenue projection for the year 2025.
According to him, Internally Generated Revenue is projected at ₦80 billion, while statutory Revenue is ₦20 billion and derivative revenue is ₦135 billion, 13% of derivative revenue arrears is ₦60 billion while Exchange Gain, Augmentation and others are projected at ₦455 billion.
He added that excess crude is ₦5bn, value added tax (VAT) is ₦70 billion, and the ecological fund is ₦5 billion.
On Recurrent Expenditure for the 2025 Fiscal Year, which is proposed at ₦300bn, the governor said is made up of a Personnel Cost of N115.695 billion and an Overhead Cost of 184.305 billion naira.