By Asuquo Edem
Stakeholders today converged at the Akwa Ibom State House of Assembly to give inputs to frame up the 2025 Budget Proposals. Thee event which was a Public Hearing organized by the House Committee on Finance and Appropriations had the Commissioner for Finance, Mr. Linus Nkan, the Commissioner for Economic Development, Mr. Emem Bob, the Attorney General and Commissioner for Justice, Commissioners of Ministries and MDAs who presented memos towards creating awareness for the 2025 Budget which was presented to the House by the State Governor, Pastor Umo Eno.
Declaring the event open, the Speaker of the House of Assembly, Elder Udeme Otong noted that the 2025 budget estimate which is christened: “BUDGET OF CONSOLIDATION AND EXPANSION” clearly indicates the Governor’s unwavering commitment to the progressive intentions of his ARISE Agenda.
"As a Pragmatic Assembly which is steadfastly mindful of the expectations of Akwa Ibom people, upon receipt of the Budget proposal, we wasted no time; but rather swung into action. As we speak, the Bill has passed through first and second readings, and was sent to the Committee on Appropriation and Finance for further legislative actions. I dependably informed by the Chairman of the Committee that other House Committees have concluded their interface with relevant Ministries, Departments and Agencies (MDAs) on which they have oversight responsibilities. This is to enable them ascertain their operation, size and coverage in the Budget Estimates".
Elder Otong expressed optimism that the exercise would afford stakeholders the opportunity to critically scrutinize and make useful inputs to the Bill which has passed second reading and currently at thee committee state before being passed by the legislature.
In her opening remarks, the Chairman off the Finance and Appropriations Committee Hon. Itoro Etim stated that the Public Hearing would afford the Executive arm the opportunity to present its score cards to the people and brief them on the journey so far on the Akwa Ibom project adding that it will also serve as a forum for feedback from the people on performance indices thereby engendering good governance, accountability, and transparency in the financial business of the State.
"the main objective of the forum is to create full awareness of and also mobilize concerted actions on the 2025 Budget proposals of the state. It is equally aimed at providing the avenue where valuable inputs on the proposals are assembled and collated to enhance the overall socio-economic development of our State".
Giving a review of the 2024 budget, the Commissioner for Finance, Mr. Linus Nkan informed the gathering that the 2024 Budget Budget had a Revised total expenditure as well as receipts of N923.462 billion where N350.143 billion was for Recurrent expenditure and N573.319 billion was for Capital projects.
"With respect to receipts, the total estimated amount was N923.462 billion made up of N803.703 billion for Recurrent Revenue and N119.759 billion for Capital Receipts (excluding Recurrent Surplus and Opening Balance). The breakdown of Recurrent Revenue showed that Internally Generated Revenue accounted for N62.703 billion or 7.8% of the total estimated Recurrent Revenue while the balance of N741.000 billion or 92.3% was estimated to come from Federal Allocations".
Mr. Nkan noted that between January and October 2024, actual Recurrent Revenue realized was N801,079,225,800.84 representing 99.67% of the 2024 Revised Provision of N803,702,500,000, while he breakdown of the actual Recurrent Revenue showed that N750.477 billion was realized as share from the Federation Account and N50.602 billion from internal sources.
For 2025 Budget Proposals, the Commissioner stated that the budget aims at consolidating on the gains of previous and the current administration for the expansion of growth and development which is predicated on an oil benchmark of $75.00 per barrel at a production rate of 2.12 million barrels per day, with an estimated exchange rate of N1,400/US$, inflation rate of 32.8% and GDP growth rate of 3.67%.
He informed the Speaker, Lawmakers and stakeholders that Government proposed a total budgetary outlay of N955.000billion for 2025 Financial Year as against the approved revised provision of N923.462 billion for 2024.
Mr. Nkan added that internally generated revenue projection for 2025 is N80,000,000,000 which is N26,297,500 or 3.27% above the 2024 revised provision of N803,702,500,000 as spelt out in the Medium Term Revenue Framework.
Also making presentations were the Commissioner for Economic Development, Mr. Emem Bob, the Chairman of Nigeria Labour Congress, Mr. Sunny James among other stakeholders
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