Akwa Ibom Assembly approves N695bn Supplementary Budget for 2025 fiscal year

Akwa Ibom Assembly approves N695bn Supplementary Budget for 2025 fiscal year

The Akwa Ibom State House of Assembly has passed a bill to appropriate the sum of N695,000,000,000 as supplementary budget for the 2025 fiscal year.
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‎The passage of the bill followed the adoption of the report of the House Committee on Finance and Appropriation read on the floor of the House during the plenary session presided over by the Speaker, Rt. Hon. (Elder) Udeme Otong on Tuesday.
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‎The Committee Chairman, Hon. Itorobong Etim, said the 2025 supplementary budget would be funded from several sources, including statutory revenue, internally generated revenue, derivation revenue, 13% derivation revenue arrears, signature bonus, exchange gain, and value added tax, among others.

“In summary, with the supplementary budget of N695,000,000,000, made up of N125,664,328,180 for recurrent services and N569,335,671,820 for capital expenditure, the revised budget size stands at N1,650,000,000,000 trillion, made up of N425,664,328,180 billion for recurrent services and N1,224,335,671,820 for capital expenditure”, she said.

The House had, in December 2024, passed N955,000,000,000 billion as 2025 budget.

The supplementary budget will enhance ongoing projects and programmes across critical sectors such as education, healthcare, infrastructure, sports, and other developmental projects.

Also at plenary, the House approved the adjustments of the projections in the current 2025 –2027 Medium Term Expenditure Framework (MTEF) currently in operation, following a report of the House Committee on Economic Planning and Development.

The revised MTEF provision now stands at N1,700,000,000,000.00 as against the approved provision of N980,000,000,000.00.

The Committee Chairman, Hon. Nsidibe Akata who is the Deputy Leader of the Assembly, said his committee observed that the Fiscal indicators used in forecasting the approved 2025–2027 MTEF have significant changes with positive impacts on the state revenue.

Akata noted that the the approved MTEF figures for 2025 fiscal year on revenue was N980 billion, adding that between January and July, the actual collection is N1.115 trillion showing surplus balance.

Meanwhile, the House has adjourned plenary to reconvene on Tuesday, 14th October 2024.