Skip to main content

Public Hearing: Stakeholders Converge At AkHA To Frame Up 2025 Budget Proposals

 



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


Comments

Post a Comment

Popular posts from this blog

AKHA Defers Giving Resolution To Extend Transition Committees..mandates Committee to verify performance of councils

  By Asuquo Edem Akwa Ibom State House of Assembly today put off giving the governor a resolution to extend the stay of Transition Committees across the State. The State governor who communicated his request for the House Resolution dated 6th May 2024 drawing strength from Section 5 sub 2 of the Local Government Administration Law pleaded with the lawmakers to heed to giving the resolution to extend the tenure of Transition Councils as the Commission responsible for conducting elections require an extended time frame. The motion to receive the letter for deliberation was moved by the member representing Ikono Rt. Hon. Asuquo Nana and was seconded by the member representing Ika State Constituency, Rt. Hon. Mfon Idung. However the Speaker, Rt. Hon. Udeme Otong stated that the Resolution as requested by the governor can't be given today as the House needs to accertain if the Transition Committees are deserving of an extension taking into consideration that they have served for six mon...
Post a Comment
Read more

Reasons Moses Essien Dumped YPP

  By Asuquo Edem It's no longer news that the member representing Ibiono Ibom State Constituency, Hon. Moses Essien has parted ways with the Young Progressive Party(YPP) pitching tents with the ruling People's Democratic Party (PDP). The lawmaker who announced his defection to the PDP today during Plenary at the House of Assembly stated among other reasons his decision to move camp owing to the division amongst the leadership of YPP in the State. In his words: " I write to notify the Speaker and members of the People's Democratic party ( PDP ) in the Assembly of the formal resignation of my membership from the Young Progressive Party (YPP) to People's Democratic Party (PDP). The reason for this action is based on the division within the YPP leadership in Akwa Ibom State, where the 2023 Governorship candidate of the YPP, the state chairman of the party and the State officers including chapter officers of the party and stalwarts of the party decamp to the All Progres...
Post a Comment
Read more

Akwa Ibom Thrown Into Mourning As Gov Umo Eno Loses Wife To Death

  Akwa Ibom State has been thrown into deep mourning and grief as the wife of the State governor has passed away. In a Press Release signed by the Commissioner for Information, Comrade Ini Ememobong read in part.. "Iis with heavy hearts that we announce the passing of the Wife of the Executive Governor of Akwa Ibom State, Her Excellency, Pastor Mrs. Patience Umo Eno, following an  illness. She passed away peacefully at the hospital, on 26th September, 2024, in the presence of her family. The family submits to the will of the Almighty and asks for the prayers and support of kind-hearted individuals during this difficult time. Further details will be provided by the family as necessary. In the meantime, the family kindly requests privacy as they mourn their beloved wife, mother and grandmother. His Excellency, the Governor, Pastor Umo Eno appreciates all who have stood by the first family in this period and assures all the citizens that despite this huge personal loss, his commi...
Post a Comment
Read more