Akwa Ibom is one of Nigeria’s oil-producing states.
obtained from the Debt Management Office , the debt profile of the state stood at N168.2 billion in 2016 and between 2016 and 2021 the total debt profile of the state was up by 38.9 per cent.
According to BudgIT, Akwa Ibom State in 2021 had a total revenue of N334.36 billion out of which N43.26 billion representing 12.9 per cent was spent on debt servicing.The gross revenue from the Federal Account Allocation Committee in 2021 contributed 83.6 per cent to the total recurrent revenue of N190.8 billion. The same was experienced in 2020 with 83.9 dependence on gross FAAC by the state.
On spending priority – the state spent N91.45 billion representing 45.7 per cent on capital expenditure while N108.8 billion representing 54.3 per cent was spent as recurrent expenditure in 2020. But the data from the NBS shows that the state is among the top states in Nigeria with a high unemployment rate.
in the country. Imo State, with 48.7 per cent, occupied the first position and Rivers State, with 43.7 per cent, stood at the 3rd position.Akwa Ibom State, under Mr Emmanuel, has one of the lowest poverty headcount ratios. According to NBS, the state currently has a poverty rate of 26.8 per cent, falling below the national average of 52.1 per cent.
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