Ministry of Finance, Government of Akwa Ibom State

Ministry of Finance, Government of Akwa Ibom State

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Vision To Turn Akwa Ibom Around Through Development Finance:

TTo change the economic situation of the state as rapidly as possible. In this endeavour, we have dreamt big and we intend to actualise this dream in our generation.

We have put in place policies that will sustain good governance, transparency, and accountability.

:: Recent Articles

Nov 17, 2012: Akwa Ibom EXCO Proposes N459B For 2013 Draft Budget

Jul 10, 2012: Akwa Ibom`s Budget of Infrastructural Development

Apr 27, 2012: Formidable, Accountable Leadership Key to Growth - Kagame

Mar 13, 2012: BRACED Commission Calls For Revenue Allocation Formula To Be Reviewed

Oct 19, 2011: AKSG Maintains Budget At 80% Capital Projects – Ekere

Jul 16, 2011: AKS Major Projects To Be Completed In 18 Months – Akpabio

Jul 1, 2011: PHCN’s New Tariff Takes Off Today

Jun 27, 2011: AKHA Extends Tenure of Local Government By 3 Months …Commences screening of Commissioners

Jan 6, 2011: AKSG Budgets N309.51 Billion for 2011 … Greater Allocations for Roads, Transportation, Education and Housing

Oct 20, 2010: Bayelsa Bonus: Oil-producing States May Head for Court

Sep 17, 2010: AKHA Passes N14.9B Supplementary Appropriation Bill

Aug 24, 2010: FG Asked to Establish Refinery in Eket

Aug 23, 2010: AKSG Releases #3.8bn for Aka-Nung Udoe Road

Aug 9, 2010: AKSG to Spend N4.6B to Remodel State Capital

Apr 28, 2010: 930 Akwa Ibom Indigenes Benefit From Integrated Farmers Scheme

Apr 28, 2010: AK Govt clears the air on Mobil Taxes

Apr 24, 2010: Uyo Conference: Ag. President Reiterates Commitment to Nigeria`s Development

Apr 16, 2010: Governor Akpabio Commends Ikot Abasi Council Authority

Apr 16, 2010: Uyo Hosts National Economic Conference

Mar 26, 2010: AKHA Lifts Ban on Local Government Council Funds

Manages the state’s liquid resources for the optimal functioning of government services in all ramifications through ready availability of a mix of federally allocated, diversified, and internally generated revenue by applying international public finance best practices to gracefully fund government recurring expenses, contracts, projects, and the rapid development of the state for the present and the future.

Services

	Budget Management Plans budgets in the overall public interest and plays an important role in disbursing budgetary expenditures to all sectors of the state's economy.
	Project Coordination And Finance Coordinates financial commitments for on-going projects and phases them for milestone payments.
	Development Finance We plan and finance the activities that constitute development of the state and also at the grassroots such as transactions that support rural economy.
	Tax Administration We administer Akwa Ibom State tax laws for the public good. We are charged with the levying of taxes, therefore, we collect income taxes, levy taxes on the transfer of goods and on such legal transactions as stamp duties, registration dues, and turnover taxes. In general we have three phases of assessment, computation, and enforcement.
	Wealth Creation We build capacity at various levels to build a stronger economy. At the same time we have deployed tested empowerment strategies that impact positively on the people, such as youths, women, entrepreneurs, students, farmers, and even enterprise promotion.
	Accurate And Early Payment of Salaries Our data driven system ensures early payment of salaries from when we receive payment vouchers.
	Relationship With Financial Institutions Government for mutual benefits collaborates with financial institutions such as banks, micro finance banks, and investment houses to develop the state and ensure delivery of people-oriented projects.

Impact

	Improved Internal Revenue Generation By knowing the tax payers and building a database we have been able to consistently raise our IGR profile and limiting revenue losses. We have moved from N450million to N2billion monthly.
	1st Akwa Ibom State Revenue Summit We brought out the stakeholders in a roundtable and exposed the realities. With our infrastructure drive we are attracting taxable entrepreneurs and businesses that will consume these resources and increase our revenue profile so that ultimately Akwa Ibom will drive itself.
	Revenue Courts Revenue courts have come to stay in our economy and in our 3 senatorial districts with jurisdiction to handle taxes related maters as well as levies, fees, and fines.
	Oil Derivation Revenue We have locked our short-term development to federally derived revenue with hope to build a self-sustaining economy.
	Skill Apprenticeship And Job Creation Opportunities We have re-invigorated the State Life Enhancement Programme (LEP) to handle skill apprenticeship and job creation opportunities for unemployed youths.

Policies

	80-20 Budget Rule Our 80-20 world bank standard for developing economies compels us to device means of allocating 80% of budget expense to capital projects and the re Qing 20% to recurrent. This helps us secure the future.
	Fiscal Discipline Due process, transparency, and accountability in a strengthened fiscal governance with commitment to building a financially healthy state able to meet it's obligations and build infrastructures that will drive Akwa Ibom to its desired destination.
	Spreading Prosperity With our efficient management of money, time, and risk we are empowering individuals, groups, establishments to drive the economy is key to the success of the present administration.
	Cash-less Transactions By fully computerizing finance operations of the state, networking the state's accounting system, and implementing online-realtime transactions such as e-payment, we have resolved major transaction bottlenecks, saved more money for the state, and made the people more productive.
	Anti-graft Measures Our revenue strategies ensures that cash is not handled by personnel and consultants but remitted to banks and that revenues are channeled to on-going people oriented development projects.
	Interest From Unrealised Funds Not until recently we have awarded more capital projects beyond our treasury value and pay based on value of work done rather than through bank loans. Technically, we financed our own projects with revenue expectations, so we kept the interest we otherwise would have paid the banks, in other words we became the financier and so we earned the interest as witnessed in our masterful project deliveries.
	Implementation of Financial Reforms We are building on a legacy of accountability and transparency in public finance management by taking steps to domesticate federal-led reforms in public procurement and fiscal responsibility.

Projects

	Inter-ministerial Projects By empowering local resource persons as contractors the Inter-ministerial Direct Labour Coordinating Committee has registered big improvements to living standards at grassroots level with micro projects such as Water, schools, health centers, electricity, civic buildings.
	Agricultural Sector Financial Stimulus We have elevated agriculture as a major enterprise focus with stimulus as catalyst for the growth of the sector with disbursments such as WAEDEP loans to women, IFS grant to youths, and recently the 1Billion Naira to farmers distributed as N340million to large scale farmers and N660million to small scale farmers. We have also funded infrastructures such as storage facilities, evacuation vehicles, and tractors.
	Budget Office Computerisation We have fully computerised our budget office for tracking budget performance, managing project work done, expenditure expectations, and funding strategies. This gives us sufficient data as learning experience for next budget cycle.
	New Treasury Building A new treasury building has been completed in the Treasury Headquarters in Uyo to enhance staff productivity and ease the accommodation problems previously experienced by staff of the Office of The Accountant General with conducive work environment and 400 brand new computers.
	Tax System Automation We have developed an online-realtime web based system, with electronic self assessment system and bank payment to designated banks.
	Opening of New Tax Offices We have constructed tax offices in Ini, Mbo, Essien Udim, and Mkpat Enin local government areas to enhance the state's revenue profile.
	Revenue Enhancement Our Revenue Enhancement and Electronic Monitoring System (REEMS) ensures that we continue to raise our revenue expectations in our drive for total tax compliance.

Financing The Akwa Ibom Economy

Akwa Ibom residents grappled with the mirage of state creation as industries built before state creation did not fulfil their promise of economic development, there was also a general apathy of citizens to government performance and delivery necessitating calling on-board a strategy that must answer the needs for rapid economic development through an institutional approach to financing where financing is not personalised or shrouded in secrecy. There was need for sectoral and ubiquitous financing strategy and people focused delivery and financing.

We therefore delivered an aggressive and impressive economic development agenda never applied in the history of Nigeria. Making infrastructure the horse that pulls the cart of industry. This asset creation strategy has positioned the residents and entrepreneurs to contribute effectively to, and derive maximum benefits from, the new economy.

Raw Materials

Food Crops
	Arable Crops
	Fruit Crops
	Vegetable Crops
	Tree Crops	Palm Trees, cocoa, rubber
Livestock
Poultry
Fisheries

The 80-20 Budget Magic

Milestones

To deliver on the promises of good governance and rapidly make an impact on the Akwa Ibom society we had to employ the best known finance strategy in our situation which limits our exposure to liabilities and acquisition of toxic assets, but rather capitalize more funds to infrastructures with assurances far into the future and improve the people's productivity. That we have achieved by allocating 80% of our budget to capital expenditures.

This 80-20 budget rule which we embarked on from the onset of this administration in 2007 was in the realisation that funds are susceptible to misappropriation and being guided in the spirit that public good should command government expenditure strategy and that capital expenditures secure our future.

In our implementation of this rule we have realised that transparency is assured by placing a ceiling on recurrent expenditures which could get difficult to contain. With budgeted interventions in several social concerns we ensured that the socio-economic environment gets the stimulus and tonic it deserves for graceful performance.

The 80-20 budget rule has made Akwa Ibom to stand tall within the Nigerian federation as a metaphor for what is possible in terms of prudent application of resources in service of development, "This is Akwa Ibom's defining moment", according to the Finance Commissioner, Bassey Albert Akpan.

Wealth creation is a panacea for the overall development of the economy. To this end, Governor Godswill Akpabio has put in place numerous programmes to boost revenue generation and wealth creation for all categories of people in the State.

Some of these programmes include:

Re-invigorating the State Life Enhancement Programme, LEP to take care of Skill apprenticeship and job creation opportunities for unemployed youths
Re-invigorating the Staff Housing Scheme aimed at encouraging all Civil Servants to become house owners
Training of all cadres of Finance and Revenue staff on ICT
Secured approval from the World Bank for the implementation of the Akwa Ibom Community – Based Urban Development Projects
Constructed tax offices in Ini, Mbo, Essien Udim and Mkpat Enin local government areas
Hosted the 1st ever Akwa Ibom State Revenue Summit aimed at diversifying the internally generated revenue of the State
Installation of Revenue Enhancement and Electronic Monitoring System (REEMS)
Evolving on-line real-time monitoring system.
Supply of 110 laptops to Revenue officers
Purchase of 8 Hilux Pick-up vans and 4 Eighteen-seater buses for Revenue staff
Purchase of 60 Q-link motorcycles for Revenue staff
Sponsorship of staff training at the Chartered Institute of Taxation of Nigeria, JTB Course at Kaduna and Intermediate Tax Technical Course at Abia and Nasarawa States
Establish Revenue Courts in the three (3) Senatorial Districts of the State
Purchase and installation of a 250 KVA Perking’s Sound-proof generator for the Internal Revenue Service headquarters
Computerization of the Budget Office.

:: Recent Photos

A cross section of South-South Governors of the BRACED Commission with the DG South South Governors

Cross River State Gov. Liyel Imoke (m) flanked by Akwa State Gov. Godswill Akpabio & Emmanuel Uduaghan of Delta State during the South-South Governor

L-R Gov. Seriake Dickson of Bayelsa State, Amaechi of Rivers State, Godswill Akpabio of AK State, Liyel Imoke of CR State, Emmanuel Uduaghan of Delta State, Adams Oshiomhole of Edo State during the South-South Governor

Hon. Comm. Ministry of Finance, Mr Bassey Albert Akpan, exercisnig his civil responsibility during the presidential poll at Ididep Usuk Village in Ibiono L.G.A. Akwa Ibom state

AKS Commissioner for Finance, a participating golf player in the golf course of the Ibom Golf Club of the prestigious Le `Meridien Ibom Hotel and Golf Resort where the weeklong 1st Akwa Ibom Governor

Arival of commissioner for Finance, Mr. Bassey Albert Akpan, at venue of reception for Uwem Udoma and Aniekan Umanah at Technical College, Abak