The Akwa Ibom State House of Assembly has approved a budget of N955 billion for the 2025 fiscal year.

This decision was made after the House adopted the report presented by Itoro Etim, the Chairman of the House Committee on Appropriation and Finance, on December 24, 2024.

Earlier, Governor Umo Eno submitted the budget proposal titled the “Budget of Consolidation and Expansion” to the assembly on November 26, 2024.

The budget allocates N300 billion for running the government and N655 billion for developmental projects. This represents a 3% rise compared to the revised N923.412 billion budget for 2024.

Key assumptions for the budget include an oil price of $75 per barrel, daily oil production of 2.12 million barrels, and an exchange rate of N1,400 to the US dollar.

The budget also considers a national GDP growth projection of 3.68% and an inflation rate of 32.8%.

The policy is guided by the A.R.I.S.E. Agenda, which focuses on agriculture, rural development, improving infrastructure, security, and education.