Akwa Ibom State Governor, Pastor Umo Eno says he would convert moribund assets owned by the Akwa Ibom State Government into lucrative investments to raise the state’s Internally Generated Revenue, IGR than inflict more burden on Akwa Ibom people through increased taxation.
The Governor who stated this while presenting the 2025 budget proposals of #955 billion to the State House of Assembly said, the prevailing economic situation in the country makes it imperative for governments at all levels to be creative, innovative and explore alternative means of improving their IGR to funds it’s programmes and policies.
According to Pastor Eno, his vision to expand the IGR base of the state is crucial in view of the shifting dynamics of the global economy that is shifting away from oil and exploring renewable energy which explains why his administration is investing in the real estate market due to its high return on investment.
“Mr Speaker, We are committed to increasing our internally generated revenue through the creative application of our moribund assets. Recently, we performed the ground- breaking ceremony for the construction of an 18-Storey Ibom Towers which upon completion, will provide financial returns to the state and signal our arrival in the bullish Lagos real estate market. We will continue to recover our moribund assets and put them to commercial use”, he assured.
The State Chief Executive noted with delight that his administration has concluded plans to construct a Four -Star Ibom Hotel in Abuja which will in the long run earn the state solid returns on investment. “As the world is looking beyond oil, we too, must make plans to think ahead and survive without oil”, he admonished.
He explained that as part of concerted effort to ensure government investments becomes viable and profitable, his administration has undertaken a detailed technical audit of the operations of Ibom Power Plant and presently reviewing the recommendations of the report for implementation.
“There would be a major restructuring of the organization and operations of the plant. We have identified some operational risks including gas supply security, equipment availability and due inspections for which a programme is being developed. There are challenges that we are detailing on a phased basis. The financials will be subject of some subsequent future engagement”, he stated.
On Ibom Deep Seaport, Governor Eno announced that the government have conducted a comprehensive feasibility study where on-site Geo technical and Geo physical environmental scoping, Port design options etc have been undertaken.
“With the completion of the report, the Akwa Ibom State Government as project sponsor will proceed to the Front End Engineering Design (FEED) stage which is crucial step in the planning of complex engineering projects. We have also open up access road to the facility”, he said.
