Thursday August 7, 2025
By TheNewsDESK |
The Government of Akwa Ibom State has made significant progress in funding its 2025 budget with the State receiving and generating approximately 100 percent of the projected revenue for the year, Uyo Info Media reported.
According to the Akwa Ibom State 2025 Second Quarter Budget Implementation Report, the State government has received N954.73 billion, which is 99.9 percent of the N955 billion budgeted for the year.
The report which highlights the performance spanning January through June shows that the State received N579.05 billion in recurrent revenue, representing 69.8 percent of the N830 billion projected recurrent revenue, and N375.69 billion in capital receipts, exceeding the N125 billion projected capital receipts by 200.6 percent.
The revenue sources include N525.74 billion from the Federal Account Allocation Committee (FAAC), N53.3 billion from Internally Generated Revenue, and N375.69 billion from the opening balance of 2025 (Remnant of funds not spent in 2024 fiscal year).
The report shows that the State government has spent N293.2 billion, representing 30.7 percent of the projected expenditure, with N179.76 billion going to capital expenditure and N113.44 billion spent on recurrent items.
With the Government of Akwa Ibom State likely to surpass its approved budget revenue target in the second half of the year, a supplementary budget that will give room for increased revenue is expected.
The availability of funds has positioned the State government to execute projects outlined in the budget, contradicting claims of unavailability of funds and past complaints about irrelevant projects in the budget.
It could be recalled that Governor Umo Eno in October 2024 had led a three-day expanded State Executive Council meeting where the 2025 Appropriation Estimates were deliberated across Ministries, Departments and Agencies before inclusion into the proposed budget.
The 2025 budget, tagged “Budget of Consolidation and Expansion,” prioritises capital projects and increased internally generated revenue.
