The Akwa Ibom State Commissioner for Information, Comrade Ini Ememobong, today, Wednesday, November 20, 2924, said that the Akwa Ibom Executive Council has approved a draft budget estimate of N955 billion for the 2025 fiscal year.
Comrade Ememobong also revealed that the Council has approved a supplementary budget of N89 billion for 2024, being “an augmentation of the N82.4 billion incorporated into the N2014 appropriation bill”.
A breakdown of the 2025 budget estimate shows that while N300,000 billion is for recurrent expenditure, N655 billion is for capital projects.
The recurrent expenditure represented a 14 percent decrease from that of 2024 while the capital expenditure of N655 billion reflects a 13 percent increase compared to 2024.
Parts of the statement read, “The supplementary budget reflects savings of N8,922,513,000 and an augmentation of N82,414,029,890, incorporated into the 2024 Appropriation Bill.
“For the 2025 draft estimates, the proposed recurrent expenditure is N300,000,000,000, representing a 14% decrease from last year, while the capital expenditure is pegged at N655,000,000,000, reflecting a 13% increase compared to 2024.”
According to the commissioner, the projected Internally Generated Revenue (IGR) is N80,000,000,000, a 28 percent rise over the 2024 figure.
He said the Council approved both estimates and directed their submission to the State House of Assembly for legislative review and further action.
|SituationReport|
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