2025 Budget: Welfare Of Akwa Ibom People, Our Priority, Speaker Otong Says
By Imoh ESSIEN (Uyo)
The Eighth Akwa Ibom State House of Assembly, christened the Pragmatic Assembly has reaffirmed its commitment to the expectations of Akwa Ibom people as it concerns their welfare.
The Speaker, Rt. Hon. Udeme Otong, who made the declaration during the Budget briefing/ Public Hearing on the 2025 Appropriation Bill, stated that the Bill has passed through first and second readings and has sent to the Committee on Appropriation and Finance for further legislative actions.
He commended the Chairman of the Appropriation and Finance Committee, Hon. Dr. Itorobong Etim and members for living up to expectation, adding that the presentation of the 2025 Budget proposals, christened The BUDGET OF CONSOLIDATION AND EXPANSION, before the Akwa Ibom State House of Assembly, by Governor Umo Eno on Tuesday, November 26, 2024 is an indication of the Governor's
Speaking Earlier, the Chairman, Committee on Appropriations and Finance, Hon Dr. Itorobong Etim, who is the member representing Uruan State Constituency, explained that the main objective of the public hearing is to create awareness and also mobilize concerted actions on the 2025 Budget proposals of the State.
Etim disclosed that the exercise was aimed at providing an avenue where valuable inputs on the proposals would be assembled and collated to enhance the overall socio-economic development of the state, adding that the proposed budget is prepared in accordance with the International Public Sector Accounting Standard (IPSAS) - Accrual Template.
She said the budget has a total budgetary outlay of N955.000 billion and is predicated on an oil benchmark of US $ 75.00 per barrel at a production rate of 2.12 million barrels per day with an estimated exchange rate of 81,400/US $ in line with the National Budget benchmark projections, highlighting that the policy thrust of the 2025 Budget is anchored on the ARISE Agenda of the present administration which covers: Agricultural Revolution, Rural Development, Infrastructural Maintenance and Expansion, Security Maintenance and Educational Advancement.
"The 2025 Appropriation Bill which has scaled first and second reading on the floor of House and was committed to the House Committee on Appropriations and Finance for legislative scrutiny and to report back to the House within three weeks" she informed.
While making his presentations, the Commissioner for Finance, Dr. Linus Nkan, said the Budget aims at consolidating on the gains of previous and the current administration for the expansion of growth and development.
Other stakeholders including the Commissioner for Economic Development, Mr. Emem Bob, Representative of the State Attorney General and Commissioner for Justice, Uko Udom (SAN), Chairman, Nigeria Labour Congress, Akwa Ibom State Chapter, Comrade Sunny James, State Coordinator, Centre for Human Right and Accountability Network, Mr. Franklin Isong, Policy Alert, Budget Office gave their submissions.
