Catalyzing Local Enterprise: Akwa Ibom’s ₦1.584 Trillion “Budget of Expansion”

In a decisive move to transform Akwa Ibom State into an industrial and SME powerhouse, Governor Pastor Umo Eno has signed the ₦1.584 trillion 2026 Appropriation Bill into law. Christened “The People’s Budget of Expansion and Growth,” this fiscal roadmap is designed to leverage massive public spending to stimulate private sector productivity.

A Capital-Heavy Strategy for 2026

The most striking feature of the 2026 budget is its aggressive focus on development over consumption. By tilting the scales toward capital investment, the state aims to build the literal and economic foundations for long-term prosperity.

• 76% Capital Expenditure (₦1.167 Trillion): Earmarked for projects that directly lower the cost of doing business, such as road networks, feeder roads for rural connectivity, and electricity upgrades.

• 24% Recurrent Expenditure (₦416.5 Billion): Focused on maintaining an efficient civil service and essential government operations to support the state’s growth agenda.

Fueling the SME Engine

The 2026 budget recognizes that MSMEs are the lifeblood of the Akwa Ibom economy. The government is moving beyond “aid” toward creating an enabling “ecosystem” through:

1. Lowering Operational Hurdles: By investing ₦387.5 billion in roads and infrastructure, the state is reducing the logistics and transport costs that often stifle small business margins.

2. Rural Economic Hubs: The budget prioritizes projects in all 31 Local Government Areas, including 30 new wet markets and water projects, aimed at stemming rural-urban migration.

3. The ARISE Agenda: Direct support for 69,000 farmers and the launch of a tractor leasing company will provide smallholder producers with the tools needed to scale into commercial enterprises.

Institutional Stability and Accountability

A key pillar of this year’s budget is the unprecedented level of synergy between the Executive and the Legislature. This policy coherence provides a “predictability premium” for investors and business owners.

“This is not a year for excuses; it is a year for action,” Governor Eno emphasized, warning that non-performance in budget execution will not be tolerated.

To ensure transparency, the state has inaugurated a committee for the full rollout of the Treasury Single Account (TSA), ensuring every naira generated is accounted for and reinvested into the state’s development.

Akwa Ibom 2026 Budget: Sectoral Powerhouses