Governor Umo Eno of Akwa Ibom State has signed the ₦695 billion supplementary budget passed by the State House of Assembly into law.
The State House of Assembly, on Tuesday passed a supplementary appropriation bill of ₦695 billion for the 2025 fiscal year, following the adoption of the report presented by the House Committee on Finance and Appropriation.
While presenting the Committee’s report during plenary presided over by the Speaker, Rt. Hon. Udeme Otong, the Chairman of the Committee, Hon. Itorobong Etim, explained that the supplementary budget would be financed through various revenue sources, including statutory allocation, internally generated revenue, derivation funds, 13% derivation arrears, signature bonuses, exchange gains, and value-added tax (VAT), among others.
The report stipulates that the ₦695 billion supplementary budget comprised ₦125.66 billion for recurrent expenditure and N569.33 billion for capital expenditure, bringing the revised total budget size for 2025 to ₦1.65 trillion.