by Divine Sam
The Akwa Ibom State Executive Council has approved a draft budget estimate of N955 billion for the 2025 fiscal year. The budget is divided into N300 billion for recurrent expenditure and N655 billion for capital projects. The recurrent expenditure marks a 14% decrease from 2024, while capital expenditure sees a 13% increase.
Additionally, a supplementary budget of N89 billion for 2024 was also approved, reflecting an N8.9 billion savings and an augmentation of N82.4 billion from the 2024 appropriation bill.
The projected Internally Generated Revenue (IGR) for 2025 is N80 billion, a 28% increase compared to the previous year.
The draft budget and supplementary budget are now set to be submitted to the State House of Assembly for review. Furthermore, the council approved a significant policy change, implementing a 65-year retirement age for non-academic staff at state-owned tertiary institutions, effective from January 1, 2025.
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