Mkpoikana Udoma
Port Harcourt — The Akwa Ibom state government has announced a surplus savings of N528.6 billion in the bank as the third quarter of the 2024 financial year.
Akwa Ibom State Commissioner of Finance, Dr. Nsikan Nkan, who made the announcement, noted that the achievement was attributed to the state governor’s prudent resource management.
Nkan highlighted that the total budget performance for the period stands at 26.9%, noting that the state recorded a total balance of N528.6 billion in revenue over expenditure.
He said, “From the above, 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 His Excellency, the governor, Pastor Umo Eno in managing the revenue resources of the state.
“In the period under review, the State government has not made any borrowing from any source since the beginning of this administration.
“The huge balance in the budget has been earmarked for the various projects that have already been 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 state government in terms to spend the high savings/ budget balance on these identified capital expenditure project in the last quarter of the financial year with a view to raising this year’s budget performance to over 60%.
“Just last week, the state government organised a 3-day budget review program at Ibom Hotel and Golf Resort for the expanded executive council members in which, each policy thrusts and objectives of the state government for the year 2025,” the commissioner said.
