AKWA IBOM STATE COMMISSIONER FOR ECONOMIC DEVELOPMENT SPEAKS ON THE POLICY THRUST OF 2025 PROPOSED BUDGET

AKWA IBOM STATE COMMISSIONER FOR ECONOMIC DEVELOPMENT SPEAKS ON THE POLICY THRUST OF 2025 PROPOSED BUDGET

The Honourable Commissioner for Economic Development Akwa Ibom State, Mr. Emem Bob, has said that the policy thrust of the 2025 Budget, as presented by the Governor, is anchored on the five critical pillars of development that are expressly captured in the ARISE Agenda of this Administration, namely: Agricultural Revolution, Rural Development, Infrastructural Maintenance, Security Management and Educational Advancement.

He also stated that the macroeconomic assumptions used in the forecast of the 2025 Budget as reflected in the 2025-2027 MTEF are as follows: Oil Price Benchmarks – 75.00 (US$/b), Oil Production – 2.12 (mbpd), Exchange Rate  – 1400, (N/$) Inflation – 32.8  (%) and GDP Growth Rate 3.67 (%).

The Commissioner who spoke on Monday, during a public hearing organised by the Akwa Ibom State House of Assembly Committee on Finance and Appropriation on the proposed 2025 Appropriation bill, stated that the State would achieve at least 20% increase in IGR by eliminating evasion in payment, wastages and leakages in collection and expenditure.

Mr. Emem Bob while highlighting some of the strategies for the 2025 budget implementation, noted that it was to improve the effectiveness of budget performance by ensuring fiscal discipline through implementing of only programs that were captured in the budget while ensuring value for money, greater transparency and accountability, provision of appropriate incentives to attract private investment in the agricultural sector such as farming inputs supplies and tractor hiring and create jobs by strengthening micro and small-scale enterprise (MSE) and supporting them through working capital, grant and loan.

He said the strategies would also involved,  “Amelioration of poverty and provide humanitarian services to extend maximum coverage to the poor and other vulnerable groups which include youth, women, elderly in our society through pro-poor spending and as well institutionalize quarterly Performance Tracking and Reporting using the MDAs’ Scorecard and Key Performance Indicators (KPIs).”

The economic development boss, thanked the leadership and members of the State House of Assembly for providing the opportunity for citizens and other relevant stakeholders in the State Budget Process to further contribute to the 2025 State Budget, and assured that since His Excellency, The Executive Governor, has taken charge of this particular Budget, the implementation of the 2025 Budget will be more commendable.

December 9, 2024.