GOVERNMENT

 A'IBOM STATE UNVEILS 2025 BUDGET: A COMPREHENSIVE BREAKDOWN


By Julius Nsikak - Uyo

Dr. Nsikan Nkan


The Akwa Ibom State government has recently organised a budget breakdown exercise at the Ibom Icon Hotel, where the Ministry of Finance, led by Commissioner Dr. Nsikan Linus Nkan, provided a detailed overview of the 2025 budget. 


However, the budget breakdown exercise was a significant step towards ensuring transparency and accountability in the management of the state's finances. 


As noted in the Akwa Ibom State Budget Process Manual, the budget process is designed to ensure that the state's resources are allocated efficiently and effectively, with a focus on achieving the government's development objectives and as well sustain good governance.


The budget, christened "The Budget of Consolidation and Expansion", aims to consolidate and expand the state's productivity in all positive aspects, while actualising the blueprints and ARISE Agenda visions of Governor Pastor Umo Eno.


Recalling that the 2025 Appropriation Bill was given passage on December 24, 2024 and later signed into law by the Governor Eno on December 30, 2024, Dr. Nkan, said the 2025 budget targets above 80 percent performance as against  69 percent performance recorded as at November 2024.  


The finance commissioner, highlighted that the 2025 budget has a total expenditure and budget size of 955 billion naira, a significant increase from the 923 billion naira in 2024. 


The budget breakdown shows that the sub-total of approved provision for Revenue Internal Source will be 75 billion naira, while the sub-total for Federal Revenue will be 755 billion naira. The Total Recurrent Revenue for 2025 will be 830 billion naira, with a recurrent surplus of 530 billion naira.


The budget also allocates 101 billion naira for personal costs, 143 billion naira for overhead costs, and 25 billion naira for social contributions and social benefits. 


Additionally, 200 billion naira has been allocated for grants, contributions, and subsidies, while 29 billion naira will go towards public debt services. The Total Capital Receipt for 2025 will be 655 billion naira, with a total capital expenditure of 655 billion naira.


Continuing, Dr. Nkan maintained that all revenues of government are encapsulated in a transparent way and aptly to bring breakage of loss to barest.


In his Goodwill message, the Commissioner of Economic Development, Mr. Emem Almond Bob, provided an overview of the policy thrust and objectives of the 2025 budget, noting how it seeks to improve food security, through investment in agriculture, rural development, sustenance of peace, among other great blueprints.


The member representing Uruan State Constituency at the Akwa Ibom State House of Assembly, Dr. Itoro Etim, commended the ministries for their cooperation during the 2024  budget defence, conducted by the committee on Finance and Appropriation, which allowed for internal adjustments to be made within a short span of time, while adding  that the implementation of the budget will be closely monitored to ensure that its objectives are achieved.


The event was attended by Director of Budget, Akwa Ibom State, Mr. Otu Asuquo, entire budget team, various stakeholders, including financial experts, permanent secretaries, Chairman, Nigeria Union of Journalists (NUJ),  Akwa Ibom State Council, Comrade Amos Etuk; Chairman, Nigeria Labour Congress (NLC), Akwa Ibom State Chapter, Comrade, Sunny James, Dr. Nsidibe Akata(Eket lawmaker) and many other concerned citizens.

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