In a significant move to enhance infrastructure and economic development, the Akwa Ibom State Executive Council has approved a draft budget estimate of N955 billion for the 2025 fiscal year.
The approval, made during a meeting presided over by Governor Umo Eno on Wednesday, highlights the state’s focus on capital projects while aiming for fiscal prudence in recurrent spending.
The budget breakdown reveals N300 billion allocated for recurrent expenditure, which marks a 14% decrease from the 2024 budget. In contrast, N655 billion is earmarked for capital expenditure, a 13% increase from the previous year.
This shift towards a greater focus on capital projects underscores the government’s strategic emphasis on infrastructure development, with the aim of fostering long-term economic growth.
The Commissioner for Finance presented the 2024 supplementary budget, which includes an augmentation of over N82 billion to address fiscal gaps.
Additionally, the state’s Internally Generated Revenue (IGR) target for 2025 is set at N80 billion, reflecting a robust 28% increase from the previous year, signaling a growing capacity for self-reliance.
Governor Umo Eno, in a statement following the meeting, expressed optimism that the increased capital expenditure will bolster key infrastructure projects across the state, further positioning Akwa Ibom as a leading player in Nigeria’s economic landscape.
In addition to the budget discussions, the council reviewed ongoing initiatives, including a report from the Commissioner for Works and Fire Service, Prof. Eno Ibanga.
The report outlined the state’s progress towards achieving a “no pothole” status, promising significant improvements to road infrastructure.
The Executive Council also approved the implementation of a 65-year retirement age for non-academic staff of state-owned tertiary institutions, set to take effect from January 1, 2025.
The move is seen as a step toward ensuring better service delivery in the state’s educational sector.
Furthermore, the council approved the award of road projects across the three senatorial districts, reinforcing its commitment to enhancing transportation and boosting local economies.
The draft budget and the supplementary estimates have been directed to the State House of Assembly for legislative review and further action, with expectations of swift approval to pave the way for the timely implementation of key projects in the upcoming fiscal year.