Governor Udom Emmanuel has presented an appropriation bill of N597.8 billion for 2020 fiscal year to the Akwa Ibom State House of Assembly for confirmation.
The budget, christened budget of industrialisation and poverty alleviation phase 11, consists of N111.225 billion for recurrent expenditure and N369.642 billion for capital expenses as well as N116.933 billion for consolidated revenue fund charges.
The approved budget size for 2019 was N672.985 billion.
A breakdown of the budget shows that the projected recurrent revenue is estimated at N381.556 billion as against the approved provisions of N374.758 billion for 2019, while the recurrent expenditure is estimated at N228.158 billion.
Presenting the budget, the governor said the projected revenue would be funded from statutory allocation, which is expected to bring in N52 billion, derivation fund, N255 billion, revenue from parastatals N2 billion, Value Added Tax of N20 billion, and internally generated revenue of N52.556 billion.
The budget shows that administration will gulp N102 billion while the economic sector is estimated to cost N237 billion and social services N26 billion.
He said the budget would serve as a starting point in the actualisation of the state government’s 8-point completion agenda, which include industrialisation, aviation development, rural and riverine areas development, agriculture, human capital development, security and infrastructure as well as Small and Medium Scale Enterprises.
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Highlighting the policy thrust of the budget, he said it would promote trade, commerce and tourism between the state and the rest of the world while encouraging and sustaining small and medium scale enterprises through the development of an efficient and sustainable microcredit framework.
He reiterated the determination of the state government to expand and acquire additional aircraft for Ibom Air to further increase the ease of travelling in and around the state, thus encouraging more investments and tourists to the state.
On the economic sector, he said the state government would continue to “provide and improve on infrastructure with a view to boosting the revenue generation capacity for both the state and the people through viable agriculture, maintaining established factories and building new ones.’’
Pledging to make Akwa Ibom an industrial hub in the next four years, he said adequate and modern infrastructure would be continue to be provided, which he said was necessary for industrial development, adding that education and human capacity development would continue to be given top attention.
Receiving the budget, Aniekan Bassey, speaker of the State Assembly, commended the governor for his vision of attracting investors to set up industries in the state and promised continued partnership with the executive arm of government to develop the state.
He gave an assurance that the appropriation bill would be given an accelerated passage.
