Akwa Ibom Unveils N955bn Draft Budget for 2025

Akwa Ibom State has proposed a draft budget of N955 billion for the 2025 fiscal year, as announced by the state’s Executive Council. The proposal, which was presented during a council meeting on Wednesday, reflects a strategic shift towards enhancing capital projects and infrastructure development.

Governor Umo Eno presided over the meeting where the budget details were revealed. According to Ini Ememobong, the state’s Commissioner for Information, the proposed budget allocates N300 billion for recurrent expenditures, a 14% decrease from the previous year. Meanwhile, N655 billion is earmarked for capital expenditure, marking a 13% increase compared to the 2024 budget. This shift indicates a strong focus on building and improving the state’s infrastructure.

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The meeting also discussed the 2024 supplementary estimates, which reflect savings of N8.92 billion and an augmentation of N82.41 billion, incorporated into the 2024 Appropriation Bill. For the 2025 fiscal year, the state’s Internally-Generated Revenue (IGR) is projected to be N80 billion, reflecting a 28% increase over the previous year.

Following approval by the council, the draft budget will be submitted to the State House of Assembly for review and further legislative action.