Governor Umo Eno of Akwa Ibom State has officially signed the N955 billion Appropriation Bill for 2025 into law, representing a 3% increase from the revised N923.412 billion budget for 2024.
The budget, referred to as the Budget of Consolidation and Expansion, earmarks N655 billion for capital expenditure and N300 billion for recurrent expenditure, according to a statement on the Akwa Ibom State Government’s official website.
The signing ceremony took place on Monday at the State Executive Council Chambers, Government House, Uyo, and was attended by the Speaker of the Akwa Ibom State House of Assembly, Rt. Hon (Elder) Udeme Otong, members of the State Executive Council, and other prominent legislators.
“Akwa Ibom State Governor, Pastor Umo Eno has signed the 955 Billion Naira 2025 Budget of Consolidation and Expansion into law,” the statement read in part.
It added, “The budget has a recurrent expenditure of ₦300 billion naira, while ₦655 billion naira is budgeted for capital expenditure.”
Governor Eno praised the House of Assembly for its swift action in passing the budget, noting the vital synergy between the executive and legislative branches.
Earlier, on Tuesday, December 24, the Akwa Ibom State House of Assembly had passed the budget into law after the adoption of a report by the Chairman of the House Committee on Appropriation and Finance, Dr. Itoro Etim. The report was considered by the Committee of the Whole, and the budget was read for the third time before being approved by the lawmakers.
What you should know
Nairametrics consulted the 2025 budget proposal speech of Governor Umo Eno, available on the state’s official website, to understand the Akwa Ibom State Government’s plans for the 2025 budget.
The state expects a total recurrent revenue of N830 billion for 2025, also a 3% increase from the revised 2024 figure of N803.703 billion. This includes N80 billion from Internally Generated Revenue (IGR), N20 billion from statutory revenue, and N135 billion from derivation revenue, among other sources.
- Recurrent expenditure is set at N300 billion, with personnel costs at N115.7 billion and overhead costs at N184.3 billion.
- For capital expenditure, N655 billion is allocated, with N530 billion coming from the Consolidated Revenue Fund.
- The remaining N125 billion will be sourced from various channels, including an opening balance of N100 billion from the 2024 account, external bank loans of N10 billion, grants of N11 billion, federal government reimbursements on roads amounting to N1 billion, other exceptional income of N1 billion, and a stabilization account of N2 billion.
Additionally, during the groundbreaking ceremony for the Aviation Village at the Victor Attah International Airport in Uyo in November, Governor Umo Eno disclosed plans to spend over N220 billion on road construction projects as part of the 2025 budget.
