The Akwa Ibom State Executive Council has approved a draft budget estimate of N955 billion for the 2025 fiscal year. This was disclosed in a statement by the state Commissioner of Information, Ini Ememobong, after a council meeting presided over by Governor Umo Eno on Wednesday.
According to the statement, the budget comprises N300 billion for recurrent expenditure and N655 billion for capital projects. Compared to the 2024 budget, the recurrent expenditure marks a 14 percent decrease, while the allocation for capital projects reflects a 13 percent increase.
The Commissioner for Finance presented both the 2024 supplementary estimates and the draft recurrent and capital budgets for 2025 during the meeting. The supplementary budget includes savings of N8.92 billion and an augmentation of N82.41 billion, incorporated into the 2024 Appropriation Bill.
The council also noted that the projected Internally-Generated Revenue for 2025 is N80 billion, representing a 28 percent increase over the 2024 figure. Both the supplementary budget and the 2025 draft estimates were approved for submission to the State House of Assembly for legislative review and further action.
In addition, the state Commissioner for Works and Fire Service, Prof. Eno Ibanga, presented a report on pothole assessment and repairs. He assured the council of progress toward achieving a “no pothole” status in the state.
The council also approved the implementation of a 65-year retirement age for non-academic staff of state-owned tertiary institutions, effective January 1, 2025. Furthermore, it approved the award of road projects across the three senatorial districts of the state.
Comments