The AKwa Ibom State House of Assembly (AKHA) has approved the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) for the Executive’s implementation.
The approval was sequel to the adoption of the report by the Chairman, House Committee on Economic Planning and Development, Hon. Nsidibe Akata during Thursday’s Plenary.
The Chief Whip of the Assembly, Rt. Hon. Effiong Johnson, moved a motion for the adoption of the report and seconded by a two-term member for IKono State Constituency, Rt. Hon. Asuquo Nana Udo.
The House, which dissolved into a Committee of the Whole, approved that the macro-economic assumptions used for 2025-2027 medium Expenditure Framework (MTEF) be adopted for approval.
At plenary, it was noted that the tentative budget size of N777,703,510,574 for this fiscal year as presented, be given approval, urging the State Government to be realistic in the forecast of Fiscal Strategy Paper (FSP) which determines the resources that will be available to fund Government’s programmes from a fiscal sustainable perspective after the review of the State’s Economic and Financial Updates (EFU).
The House resolved further that the Sectoral Expenditure ceiling for capital should be on the basis of Sub- Sectoral rather than on Ministry, Department and Agencies (MDAs) in line with the ARISE Agenda blueprint.
The Assembly pegged the total Capital Component for 2025 Fiscal year at N457,880764,697 and reduced the loan financing from N53,305,000,000.00 to N33,305,000,000.00 and called for increase on the Internal Generated Revenue (IGR) from N65,064,381,000.00 to N85,064,381,000.00 as presented.
The House advocated for the inclusion of Labour Union leaders as stakeholders in the preparation of the scheme.
The Speaker, Rt. Hon. (Elder) Udeme Otong, after due consideration, directed the Clerk of the Assembly, Mrs NsikakAbasi Orok, to communicate the matter to Governor Umo Eno for implementation.
Meanwhile, the House adjourned plenary to Wednesday, September 11, 2024.
