2025 Budget: Akwa Ibom Allocates N955bn, Adjusts Retirement Age

N955bn Budget, New Retirement Rules in Akwa Ibom

“The meeting, chaired by the Governor, Pastor Umo Eno, started with the presentation of the 2024...”

Akwa Ibom proposes N955 billion budget for 2025 and increases retirement age for higher institution staff to 65. Get the latest on the state's fiscal plans.

Akwa Ibom State's Executive Council has approved a draft budget estimate of N955 billion for the 2025 fiscal year. This proposed budget was announced by the state Commissioner of Information, Ini Ememobong, after a council meeting led by Governor Umo Eno.

Here's a breakdown of the estimated budget:

Recurrent Expenditure: N300 billion, representing a 14% decrease from 2024's allocation.

Capital Projects: N655 billion, marking a 13% increase from last year's budget.

This development comes on the heels of Akwa Ibom State's impressive revenue growth, with its Internally Generated Revenue (IGR) rising by 170% in six years, from N15.96 billion in 2017 to N43.18 billion in 2023. Governor Umo Eno's administration attributes this growth to governance reforms and improved operational processes.

“The meeting, chaired by the Governor, Pastor Umo Eno, started with the presentation of the 2024 supplementary estimates and the draft recurrent and capital budgets for 2025 by the Commissioner for Finance,” the statement said.

“The supplementary budget reflects savings of N8,922,513,000 and an augmentation of N82,414,029,890, incorporated Appropriation Bill. into the 2024

“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.”

Akwa Ibom State's Executive Council has approved a draft budget estimate of N955 billion for 2025, with a projected internally generated revenue (IGR) of N80 billion. This represents a 28% increase from the 2024 figure, demonstrating the state's growing economic stability.

Budget Highlights

Projected IGR: N80 billion, up 28% from 2024

Total Budget: N955 billion

Recurrent Expenditure: N300 billion, down 14% from 2024

Capital Projects: N655 billion, up 13% from 2024

The council has directed the submission of these estimates to the State House of Assembly for legislative review and further action.

Infrastructure Development

Professor Eno Ibanga, Commissioner for Works and Fire Service, presented a report on pothole assessment and repairs, assuring that the state is on track to achieve a “no pothole” status. Additionally, the council approved the award of road projects across the three senatorial districts.

Retirement Age Reform

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. This move aims to harmonize retirement benefits and provide clarity for employees.