The Akwa Ibom State Government has received at least ₦2.934 trillion in public revenue since Governor Umo Eno assumed office in May 2023, according to an analysis of official financial records. However, key government documents no longer provide detailed information on how the money has been spent on capital projects.
An examination of the state’s audited financial statements, budget performance reports and revenue records showed that while revenue and recurrent expenditure figures are still published, detailed capital expenditure schedules have been missing from public reports since early 2025.
The absence of this information makes it difficult for citizens, civil society groups, researchers and the media to independently verify government claims on infrastructure development or track how public funds have been used.
The revenue figure covers the period from May 2023 to June 2026.
According to the state’s Second Quarter 2026 Budget Performance Report, Akwa Ibom generated ₦394.83 billion between January and June 2026, excluding an opening balance of ₦234.25 billion carried over from 2025.
The report showed that ₦334.8 billion came from the Federation Account Allocation Committee (FAAC), ₦51.43 billion from internally generated revenue, ₦8.51 billion from grants and aids, while ₦100 million came from borrowing.
Earlier records also indicate that between May and December 2023, the state received ₦286.7 billion from FAAC, excluding internally generated revenue and the 13 per cent derivation refunds for May and June of that year.
Audited financial statements further revealed that Akwa Ibom earned ₦1.110 trillion in 2024 and ₦1.144 trillion in 2025.
Combined, the available records show the Eno administration has received at least ₦2.934 trillion, although the actual figure is likely higher because some internally generated revenue and derivation refunds for 2023 were not publicly broken down.
Despite regularly highlighting completed and ongoing projects, the government has stopped publishing detailed capital expenditure reports.
Governor Eno has repeatedly said his administration is executing 85 major projects across the state.
Speaking during his third anniversary media briefing, the governor defended his administration’s spending, pointing to roads, schools, healthcare facilities and other infrastructure as evidence of the government’s performance.
However, a review of the state’s audited financial statements for 2023, 2024 and 2025 found no detailed breakdown of capital expenditure. Likewise, quarterly budget implementation reports published from the first quarter of 2025 to the second quarter of 2026 omitted capital spending information.
Previously, those reports contained detailed project expenditure, allowing the public to monitor how budgeted funds were being utilised.
The newer reports also lack detailed revenue and expenditure classifications, including ministry-by-ministry spending, programme allocations and functional breakdowns. Instead, they provide only summary figures, making it difficult to assess government priorities or monitor project implementation.
The missing capital expenditure data means there is no publicly available record showing how much was spent on specific projects, which ministries implemented them or how the funds were allocated.
The development has raised concerns over fiscal transparency, especially as Governor Eno had promised in his ARISE Agenda to strengthen accountability and ensure compliance with the state’s Fiscal Responsibility and Public Procurement laws.
Akwa Ibom’s Fiscal Responsibility Law requires government finances to be managed transparently, with full disclosure of public revenue and expenditure.
PREMIUM TIMES contacted the state’s Commissioner for Finance, Emem Bob, and the Commissioner for Information, seeking explanations for the omission of capital expenditure details and asking whether the government would publish the missing records.
As of the time of filing the report, no response had been received.
