AKHA Approves N695bn Supplementary Budget For 2025 Fiscal Year 

By Uduak Akai 
UYO
A bill for the appropriation of N695 billion, being supplementary budget for 2025 fiscal year, has been passed by the Akwa Ibom State House of Assembly (AKHA).
This followed the adoption of the report of the House Committee on Finance and Appropriation read on the floor of the House by the Committee chairman and member representing Uruan State Constituency, Dr Itorobong Etim, during Tuesday’s plenary which took place at the Assembly Complex, Udo Udoma Avenue, Uyo.‎
Etim explained that the 2025 supplementary budget would be funded from several sources, including statutory revenue, internally generated revenue, derivation revenue, 13 per cent derivation revenue arrears, signature bonus, exchange gain and value-added tax, among others.
  “In summary, with the supplementary budget of N695 billion made up of N125,664,328,180 for recurrent services and N569,335,671,820 for capital expenditure, the revised budget size stands at N1,650  trillion, made up of N425,664,328,180 billion for recurrent services and N1,224,335,671,820 for capital expenditure”, she said.
Recall that the State Assembly, in December 2024, passed N955 billion as budget for 2025 fiscal year.
 The said supplementary budget will enhance ongoing projects and programmes across critical sectors such as education, health care, infrastructure, sports and other developmental projects.
Similarly, the House approved adjustments of the projections in the current 2025 –2027 Medium Term Expenditure Framework (MTEF) currently in operation, following a report of the House Committee on Economic Planning and Development chaired by the member for Eket and deputy leader, Dr Nsidibe Akata.
The revised MTEF provision now stands at N1,700  billion as against the approved provision of N980 billion.
Akata stated that his committee observed that the fiscal indicators used in forecasting the approved 2025–2027 MTEF have significant changes with positive impacts on the state revenue.
He  maintained that the approved MTEF figures for 2025 fiscal year on revenue was N980 billion, observing that between January and July, the actual collection was N1.115 trillion showing surplus balance.