The Akwa Ibom State Governor, Umo Eno, on Tuesday, presented the 2025 budget proposal of N955 billion to the state House of Assembly for approval.
The governor, who christened the appropriation bill “Budget of Consolidation and Expansion,” said the sum of N300 billion was earmarked as recurrent expenditure of N300bn and N655 billion for capital expenditure in the budget.
He said the budget is predicated on an oil benchmark of $75.00 per barrel, production quota of 2.12 million barrels per day, and exchange rate of ₦1,400/$.
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Eno said: “The government has proposed a total budgetary outlay of N955bn for the 2025 financial year as against the proposed revised provision of N923.462 of 2024, representing an increase of 3% from the 2024 revised budget.
“This is made up of recurrent expenditure of N300bn and capital expenditure of N655 billion.
“2025 is predicated on an oil benchmark of $75.00 per barrel at a production rate of 2.12 million barrels per day with an estimated exchange rate of ₦1,400/US$, in line with the National Budget benchmark projections.”
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