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Akwa Ibom Assembly Approves ₦695bn Supplementary Budget, Raises 2025 Fiscal Plan to ₦1.65tn

 


By Asuquo Edem 


The Akwa Ibom State House of Assembly has approved a supplementary budget of ₦695 billion for the 2025 fiscal year, raising the state’s total spending plan to ₦1.65 trillion.

The approval followed the adoption of the report of the House Committee on Finance and Appropriation during Tuesday’s plenary session, presided over by the Speaker, Rt. Hon. (Elder) Udeme Otong.

Chairperson of the committee, Hon. Itorobong Etim, said the supplementary budget will be funded through statutory allocations, internally generated revenue, derivation funds, arrears of 13 percent derivation, signature bonuses, exchange gains, and value-added tax, among other sources.

She explained that the additional ₦695 billion comprises ₦125.66 billion for recurrent expenditure and ₦569.33 billion for capital projects, pushing the overall 2025 budget from ₦955 billion, passed in December 2024, to ₦1.65 trillion.

Etim added that the supplementary allocation would strengthen government interventions in education, healthcare, infrastructure, sports, and other key sectors.

In a related development, the Assembly also approved adjustments to the 2025–2027 Medium-Term Expenditure Framework (MTEF), raising the revenue projection from ₦980 billion to ₦1.7 trillion.

Presenting the committee’s report, Hon. Nsidibe Akata, Deputy Leader and Chairman of the House Committee on Economic Planning and Development, said improved fiscal indicators had positively impacted the state’s revenue outlook.

He disclosed that between January and July 2025, actual revenue collections stood at ₦1.115 trillion, surpassing the initial projection.

The House has adjourned plenary to reconvene on Tuesday, October 14, 2024.

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