Akwa Ibom government has proposed a budget of N697.005 billion for 2023 fiscal year. This was contained in the 2023 Appropriation Bill presented to the state assembly by Governor Udom Emmanuel.
The budget proposal showed an increase of 10 percent from the 2022 revised provision of N631.881 billion.
According to the estimates, it has a recurrent expenditure of N344.005 billion while the capital expenditure is estimated at N353 billion.
Presenting the budget, Governor Udom Emmanuel said the total projected recurrent revenue for 2023 was estimated at N390.850 billion as against the approved revised provision of N303.854 billion representing an increase of 29 percent in revenue projection for 2023 adding that the breakdown showed N47.850 billion would come from Internally Generated Revenue, N51 billion from Derivation revenue, N200 billion from exchange gain while augmentation and others would generate N10 billion.
Others include N10 billion from excess crude, N12 billion from electronic money transfer and N30 billion from Value Added Tax (TAX).
For the recurrent expenditure of N344.005 billion, it is made up of N80.050 for personnel cost, N157.954 billion for overhead cost, N31.500 billion for social contributions and benefits, and N1.500 for grants , contributions and subsidies while public service debt would gulp N73 billion.
“The total Capital Receipts and Expenditure for the year 2023 is estimated at N353.000 billion as against the approved revised provision of N328.918 billion for 2022. A total projected Capital Receipts shows that N46.845 billion will be transferred from the Consolidated Revenue Fund,’’he said.
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According to him, the balance of N306.155 billion is to be realized as follows, N40 billion from the opening balance of 2022 budget, Direct Credit Substitute/Receivable Discounting Facility – N134.108billioniii.) External Bank Loan – N4.000 billion.) Grants – N15.797 billion.) Ecological Fund – N5.000 billion.) Reimbursement from Federal Govt. on Roads – N5.000 billion) Investment Income – N0.250 billion) Other exceptional Income – N100.000 billion) Stabilization Account – N2.000 billion totalling N306.155 billion.
According to the budget, education has the highest allocation of N50.644 billion in an attempt to pursue a “morally, culturally and technologically based education,” while health has been allocated a budget of N30.492 billion.
Tagged “Budget of Completion,’’ he said the policy objectives of 2023 budget would include stimulating the state’s economy and creating opportunities of gainful employment through industrialization, agriculture including air and sea infrastructure
Others according to him would be “sustained growth through rapid industrialization and job creation, infrastructure investments, roads, sports, tourism, solar power, communication technologies aviation and Sea infrastructure and continued support for Small and Medium Scale Enterprises (SMEs) as the engine of the economy to encourage local capability in manufacturing and the use of our locally made products for domestic use exports.
In his remarks, Aniekan Bassey, the speaker of the state assembly lauded the governor for the programme and projects executed by his administration towards improving the standard of living of the people and pledged that the budget proposal would receive the needed accelerated deliberations.
