By Ogenyi Ogenyi, Uyo
Akwa Ibom State government set aside tr sim of N115.70bn to enable it implement the new N80,000 minimum wage for public sector workers in the state.
This was disclosed by Governor Umo Eno yesterday in Uyo while presenting the 2025 Appropriation Bill of N955bn to the state Assembly.
The implementation of the new wage regime it was gathered would commence next year after the conclusion of ongoing verification exercise meant to detect and determine ghost and active workers, expected to end in January next year.
It would be recalled that ₦655bn from the total proposed estimate has been devoted to capital expenditure with N300bn expected to be expended on recurrent items.
The Appropriation Bill tagged “Budget of Consolidation and Expansion”, has ₦564.417 billion representing 59.1% of the total budget allocated to the Economic sector alone while Administration has a projected budget proposal of ₦215.86bn representing 22.6%,.
Others include Law and Justice ₦21.39bn representing 2.2%, Regional sector was allocated ₦1bn representing 0.1% while the Social Sector has an allocation of ₦152.33bn representing 16.0%.
According to Eno, the 2025 budget is predicated on a Oil Benchmark of $75 per barrel, production rate of 2.12 million barrels per day, exchange rate of N1,400 to the US dollar, while National GDP and Inflation rate is pegged at 3.68% and 32.8% respectively.
Similarly, of the projected revenue estimates of ₦830bn, ₦80bn would be sourced from IGR, Statutory Revenue of ₦20bn, Derivation Revenue of ₦135bn, 13% Derivation Revenue Arrears of ₦60bn, Exchange Gain, Augmentation and others totalling ₦455bn, Excess Crude Revenue of ₦5bn, VAT of ₦70bn and Ecological Fund of N5bn.
The proposed Recurrent Expenditure of ₦300bn is made up of Personnel Cost ₦115.70bn, Overhead Cost of ₦184.31bn while the ₦655bn estimated Capital Expenditure would be financed with ₦530bn coming from the Consolidated Revenue Fund.
Others include ₦100bn from the Opening Balance from 2024 Account, ₦10bn from External Bank Loan, Grants of ₦11bn, Reimbursement from FG on Roads totalling ₦2bn,, Exceptional Income ₦1bn and ₦2bn from the Stabilization Account.
The 2025 Appropriation Bill which passed through second reading on Tuesday, was committed to the House Committee on Appropriation and Finance for further legislative action.
