Out of the total revised budget size/expenditure of N923.462billion, the Akwa Ibom State Government expended the sum of N730.878 billion resulting in actual 2024 budget performance of 79.1%.
The Permanent Secretary in the Ministry of Finance, Mr Mark Umoh, who announced this while presenting an overall assessment of 2024 Budget Performance to journalist in Uyo, said, “this is the first time the State has reached this level of Budget implementation.”
Flanked by the Chief Press Secretary to the Governor, Ekerete Udoh, Accountant General of the State Pastor Andrew Essien as well as Permanent Secretary in the Ministry of Information and the State Director of Budget, he disclosed that the approved revised capital expenditure for 2024 was N573.3billion of which N483.8billion was expended as at 4th Quarter of 2024, representing a performance of 84.4%.
On the other hand, the Approved Revised Provision of 2024 Recurrent Expenditure was N350.1billion and N247. 0 billion has been expended as at 4th Quarter of 2024. This represents a performance of 70.5%.
He explained that, “the 2024 Budget christened “Arise Budget for Growth and Expansion” was revised from the original Budget size of N849.971 billion to N923.462 billion.”
The Finance Bureaucrat maintained that, the State has been publishing the Budget Performance Report on quarterly bases as a culture of promoting transparency and accountability in government financial management, in line with accepted best practices, adding that “this Press Briefing is to provide further clarifications on the 4th Quarter and full year 2024Budget Performance Report published on the State Website.”
A further analysis of the sectorial performance showed that in the 2024 budget, priority was given to projects/programmes under the Economic Sector where 441.738 billion represented 82.4% was expended as against the 535.918 billion that was budgeted.
“This is as a result of the multiplier effects investments in this sector impact positively on the Social Services Sector and wellbeing of the people in terms of economic growth, employment generation and wealth creation which in turn lead to improved standard of living and sustainable development.”
Administration gulped 210.360 billion (80.3%) from the 261.938 billion approved for it, while Social which had approval for 111.988billion ended up with 70.246billion representing 62.7%.
He expressed belief that with the impressive performance of the 2024 Budget Implementation, the Governor who was deeply involved in the formulation of the 2025 Budget, will record a higher performance level at the end of 2025 Fiscal Year.
Also speaking the Governor’s spokesperson, Ekerete Udo, described the Governor as highly transparent and lauded the journalists for their partnership role in the success of the Umo Eno Administration in the State.
A journalist, asked why more funds were expended in the last quarter of the year, to which he was told that more projects got funded that period since it was the dry season where the Governor had promised to execute more projects, adding that fundings for projects usually come when the funds are available.
“Where you don’t have the resources to undertake a programme, you lie low until the resources are available before you re-activate it”, the Permanent Secretary replied.
On what constitutes the Economic Sector in the budget, the journalists were told that roads, bridges, and other infrastructure form the economic sector in the State budget.
Responding, the State Chairman of NUJ, Comrade Amos Etuk and Barr Chris Ekpo a civil rights advocate, commended the Governor for his apparent display of transparency and accountability, and promised to continue objectively assessing the developments in the State under the watch of the Governor.
