Akwa Ibom Govt achieves 26.9% budget performance in Q3, aims for over 60% in 2024
By Itoro Bassey
The Akwa Ibom State Government has announced that it has achieved a 26.9% current expenditure performance out of the total budget of N849.9 billion for the 2024 fiscal year.
The State Commissioner for Finance, Dr. Linus Nkan, made this known while sharing the financial analysis report for the third quarter (Q3) of 2024 during a news briefing in Uyo, on Tuesday.
Nkan stated that the government is aiming for a budget performance rate exceeding 60% for the year by implementing a stringent financial strategy and adhering to a no-borrowing policy.
Of the N849.9 billion budget for 2024, N490.9 billion is allocated for capital projects, while N359.0 billion is designated for recurrent expenses.
Dr. Nkan, alongside Commissioner for Economic Development, Mr Emem Bob, and Commissioner for Information, Comrade Ini Ememobong, highlighted a noteworthy revenue performance rate of 89.1% and a budget surplus of N528.4 billion, indicating excess revenue over expenditures.
“The overall performance for the period stands at 26.9%, with a surplus of N528.4 billion in revenue over total expenditure.
“The substantial surplus achieved is attributed to the Governor, Pastor Umo Eno’s prudent financial management approach in handling the state’s revenue resources.
“Furthermore, the State Government has refrained from any borrowing activities since the inception of the administration.
“The surplus funds from the budget will be allocated to various projects set to commence during the upcoming dry season.
“In the coming weeks, significant construction activities will be visible across the state, transforming it into a bustling construction site,” Dr. Nkan declared.
Dr. Nkan also stressed that the accumulated savings would be used to finance important capital projects in the last quarter of the year to push the budget performance closer to the 60% goal.
To address concerns about delays in releasing funds to Ministries, Departments, and Agencies (MDAs), the state government recently held a comprehensive three-day budget review at the Ibom Hotel and Golf Resorts in Uyo.
During the review, MDAs presented their budget details and 2025 projections, facilitating a more efficient, transparent, and inclusive budgeting process.
“This review aimed to enhance Akwa Ibom’s budgetary strategy, improving performance, inclusivity, and transparency to achieve the government’s objectives for 2025,” noted Dr. Nkan.
The Commissioner for Information, Comrade Ini Ememobong, clarified that the meeting highlighted the government’s commitment to public accountability, outlining resource distribution and highlighting the administration’s efforts to reduce debt through responsible financial management.
