Akwa State Government says it recorded an aggregate revenue of N656.83 billion between January and September 2024.
This was contained in the report of the state’s 3rd Quarter 2024 Budget Performance published Tuesday by the Ministry of Finance.
The Commissioner in charge of the ministry, Nsikan Nkan, highlighting key points of the report in Uyo, also disclose that the state recorded a N528.6B balance revenue over expenditure in the third quarter of the 2024 financial year.
Nkan’s report captured that, “The total budget performance for the period under review is 26.9%, whereas, there is a total balance of 528.6 Billion Naira of revenue over the total expenditure for the period.
“The huge budget balance recorded in the 3rd quarter resulted from the highly prudent financial management method adopted by the Governor, Pastor Umo Eno in managing revenue resources of the state.
“In the period under review, the State government has not made any borrowing from any source since beginning of this administration. The huge balance in the budget has been earmarked for various projects already contracted for commencement during the dry season climate change.
“In the next few weeks, the whole state is going to be a huge construction site. The government intends to spend the high savings/ budget balance on these identified capital expenditure projects in the last quarter of the financial year with a view to raising this year’s budget performance to over 60%.
“Last week, the state government organised a 3-day budget review program for the expanded executive council members, in which each MDAs took turn to present their budget items and estimates in line with the general policy trusts and objectives of the State Government for the year 2025.
“This was aimed at streamlining the budgetary process in the state to achieve higher budget performance, inclusiveness, transparency and attainment of overall agenda of the government in 2025.
“This programme was organised as a process towards achieving the present administration’s commitment to maintaining a realistic budgeting standard, high budget performance and prudent resource management.”
The Finance Commission assured that, “Akwa Ibom people will see significant improvement in budget performance. The issue of non-release of funds will be addressed.”
