South-SouthCap: Uyo

Akwa Ibom State .

Governor Umo Eno

Pop. ~5.5M

Total 2024 Budget

₦620,000,000,000

Akwa Ibom is the highest oil-producing state in Nigeria, contributing over 30% of the nation's total crude oil output. Uyo, its capital, has been transformed into a modern city with world-class infrastructure. The state also has a vibrant tourism sector anchored by the Ibom Tropicana Entertainment Centre.

Metrics Overview

Capital Exp.

₦355,000,000,000

57% of total

Recurrent Exp.

₦265,000,000,000

43% of total

Total Revenue

₦620,000,000,000

Estimated income

Fiscal Balance

Balanced

Matched

Breakdowns

Infrastructure

₦158.0B25.5%

Education

₦140.0B22.6%

Health

₦110.0B17.7%

Agriculture

₦48.0B7.7%

Security

₦22.0B3.5%

Budget Insights

Key observations from Akwa Ibom State State's 2024 budget

Overview

Akwa Ibom State State's total budget for 2024 is ₦620.00 Billion. This budget is perfectly balanced.

Expenditure Focus

The largest single sector allocation is infrastructure, receiving ₦158.00 Billion. This accounts for 25.5% of the total budget.

Revenue Dependency

The primary source of revenue is faac, contributing ₦410.00 Billion. This represents 66.1% of the total expected revenue.

Glossary

Common budget terms explained

IGR

Internally Generated Revenue. Money collected by the state internally (taxes, fines).

FAAC

Federation Account Allocation Committee. Funds distributed from the federal government.

Capital Exp.

Money spent on long-term physical assets like roads, schools, and hospitals.

Recurrent Exp.

Money spent on day-to-day operations like salaries and overhead costs.

Deficit

When a state plans to spend more money than it expects to collect in revenue.