Akwa Ibom’s N2.53 trillion revenue in 32 months under Eno surpasses its previous eight-year earnings

The administration of Governor Umo Eno of Akwa Ibom State has recorded over N2.53 trillion in revenue within 32 months.

A PREMIUM TIMES analysis of official financial documents shows this figure surpasses the total earnings of the state across the entire eight-year tenure of former Governor Udom Emmanuel’s administration, plus the final four months of the administration before Mr Emmanuel’s – that of Governor Godswill Akpabio.

Mr Eno was sworn in as governor in May 2023. Data drawn from audited financial statements, budget performance reports (BPR) and Federation Accounts Allocation Committee (FAAC) disbursement records indicate that between May 2023 and December 2025, Akwa Ibom State experienced an unprecedented surge in revenue inflows.

According to the Akwa Ibom State 2025 fourth-quarter budget performance report, the state recorded total revenue of N1.134 trillion in the 2025 fiscal year alone (excluding the year’s opening balance). This followed N1.110 trillion realised in 2024, as captured in the state’s audited financial statements for that year. For the period from July to December 2023, covering the third and fourth quarters, the state recorded N240.46 billion in revenue.

Because the second-quarter 2023 budget performance report did not disaggregate revenues accruing to May and June 2023—months already under Mr Eno’s administration—PREMIUM TIMES relied on FAAC allocation data for the period.

Records show that Akwa Ibom received N24.27 billion as its May 2023 FAAC allocation, shared in June, and N21.97 billion for June 2023.

The figures for May and June 2023 exclude internally generated revenue and the 13 per cent derivation refunds to oil-producing states, which amounted to N94.9 billion and N106.71 billion, respectively, for the two months.

When combined with the N240.46 billion realised between July and December 2023, the total revenue for Mr Eno’s first eight months in office stands at N286.7 billion. Aggregated with revenues recorded in 2024 and 2025, the total inflow between May 2023 and December 2025 amounts to N2.53 trillion.

Yet, the revenue would be higher when the May/June 2023 IGR and Akwa Ibom’s share of the N201.61 billion for 13 per cent derivation refunds are added.

This figure exceeds the total revenue accrued to Akwa Ibom State between January 2015 and April 2023 by N8 billion. This period spans the final four months of Mr Akpabio’s tenure and the eight years of Mr Emmanuel’s administration.

PREMIUM TIMES analysis shows that the state recorded a cumulative revenue of N2.45 trillion during that earlier period. Annual inflows included N243.49 billion in 2015, N190.23 billion in 2016, N239.34 billion in 2017, N297.13 billion in 2018, N346.07 billion in 2019, N210.71 billion in 2020, N340.36 billion in 2021, N444.29 billion in 2022, and N136.01 billion between January and April 2023.

Amid the unprecedented inflows under Mr Eno, concerns persist over fiscal transparency.

An examination of audited accounts and budget performance reports shows that the state spent N2.25 trillion between July 2023 and December 2025. According to the state’s fiscal documents, this includes N177.94 billion expended between July and December 2023, N740.31 billion in 2024, and N1.330 trillion in 2025.

Although the BPR for April through June 2023 shows N117.02 billion was spent during these three months, no publicly available documents detail expenditures for June 2023, as Mr Eno was sworn into office on 29 May 2023. Even so, the analysis of the 2025 fourth-quarter report indicates that N18 billion was carried forward as the opening balance for the 2026 fiscal year.

However, despite a recent PREMIUM TIMES report exposing how the oil-rich state has slid deeper into financial secrecy by violating its own laws on fiscal transparency and responsibility under Mr Eno, the Akwa Ibom State Government has continued to publish skeletal budget performance reports that omit detailed expenditure breakdowns.

The 2025 fourth-quarter report followed the shallow pattern of the other previous three-quarter reports of 2025, which ordinarily should provide comprehensive information on how funds were spent during the year.

Yet, this government document fell short of explaining how the N1.330 trillion reportedly expended in 2025 was utilised.

Comparative checks into the fiscal documents of other states in Nigeria reveal curious data. The amount reported to be spent by the government of Akwa Ibom State in 2025 is N63 billion higher than the combined expenditure of four Nigerian states of Abia (N409.56 billion), Cross River (N314.29 billion), Ebonyi (N304.3 billion) and Kebbi (N239.76 billion) for the year.

The Akwa Ibom State Government under Mr Eno has consistently issued summarised three-page budget performance reports, a practice that falls short of the requirements of the Akwa Ibom State Fiscal Responsibility Law and deviates from reporting standards observed in other states of the federation.

A recent PREMIUM TIMES investigation found that Akwa Ibom and Rivers States do not publish detailed budget performance reports, raising questions about transparency and accountability in public finance management.