In a move to enhance the government’s revenue generation efforts, Governor Umo Eno of Akwa Ibom has officially assented to the 2024 appropriation estimate of N849.97 billion. The approval came during an extended Executive Council meeting convened at the Government House in Uyo on Thursday.
The budget, initially proposed at N845.63 billion, witnessed a slight increase of N4.3 billion, subsequently gaining approval from the Akwa Ibom House of Assembly on December 21. Governor Eno, in his remarks during the signing ceremony, underscored the importance of prioritizing revenue generation over expenditures in the upcoming fiscal year.
Expressing his commitment to effective financial management, Governor Eno stated, “In signing this budget today, my priority will be on revenue drive. How do we get to bring in revenue? Because there is no point having a budget this big when the revenue is not commensurate.” He drew attention to the recurring challenge of insufficient revenue despite budgetary allocations in previous years.
Highlighting the significance of meeting revenue targets, Governor Eno emphasized, “So, while we sign this budget to show that we have approval, I think what will be most important for all of us is to make sure that we meet the revenue part of it, to help expenditures.”
The Governor revealed that his administration is actively implementing various strategies to boost the state’s internally generated revenue (IGR), aiming to effectively address the budgetary needs. He urged key departments and agencies, including the Ministry of Finance, Internal Revenue Service, Ethical and Attitudinal Reorientation Commission (EARCOM), and others, to intensify their efforts in mobilizing revenue and ensuring seamless funding for the approved budgets.
The call to increase revenue generation aligns with the Governor’s recognition of the challenges faced in the previous fiscal year, where despite having a budget, revenue remained a persistent issue. Governor Eno’s emphasis on revenue drive reflects a strategic approach to ensuring that the state’s budget aligns with the actual funds available.
Providing context to the budget approval, Infostride News reported that in November, the Governor presented the 2024 budget proposal of N845.6 billion to the state Assembly for approval. The initial budget proposal for 2024 was 0.5% short of the N850 billion budget for 2023.
Breaking down the allocation, N352.91 billion was earmarked for recurrent expenditure, while N492.7 billion comprised capital expenditure in the state’s 2024 budget. This allocation highlights a concerted effort to balance current needs with investments in critical infrastructure and developmental projects, reflecting Governor Umo Eno’s commitment to the overall progress and prosperity of Akwa Ibom.
Support InfoStride News' Credible Journalism: Only credible journalism can guarantee a fair, accountable and transparent society, including democracy and government. It involves a lot of efforts and money. We need your support. Click here to Donate