Akwa Ibom State budgets 651.5bn for 2018 fiscal year

The government of Akwa Ibom state has proposed a total sum of 651.500 billion naira as the estimate for government during 2018 fiscal year of the state, as against 485.79al year.

Governor Udom Emmanuel announced this on Friday when he presented the 2018 budgetary estimate, tagged: “budget of consolidation and industrialization” to the state house budgeted for the 2017 fiscf assembly in Uyo.

According to the governor, the total recurrent expenditure was pecked at 92.697 billion naira, capital expenditure takes 437.674 billion naira while the consolidated revenue fund charges was put at 651.500 billion naira.

The governor said the total projected revenue of the state for 2018 is estimated at 289.000 billion naira as against the approved revised provision of N188.500 billion for last fiscal year, which will encompass the internal generated revenue, statutory allocation, deprivation fund, retained revenue from parastatals , value added tax and budget support fund.

He informed the house of assembly that the total projected capital receipts shows that 75.174 billion naira will be transferred from the consolidated revenue fund, which will comprise of the balance of 362.500 billion naira realized from internal and external loans, grants, ecology funds, reimbursement from federal government on road and other infrastructure, investment income and the refunds from excess loan deduction and other exceptional income.

The estimated also earmarked the sum of 10.526 billon naira for educational sector in the state, social sector takes the sum of 28.139 billion naira, law and justice sector take 355.851 billion naira, while the economic sector will take the sum of 355.851 billion has been estimated to boost the economy of the state among other sectors.

He revealed that the 2018 budget of the state is prepared in accordance with International Public Sector Accounting Standard (IPSAS), adding that the policy framework of the 2018 budget of the state is to actualize the economic power of the state through industrialization and sustainable public-private sector initiatives that will open up opportunities for growth and improved living standard of the citizens.

He noted that it is the desire of his government to reinvigorate agriculture and agro allied industries by making the sector attractive and responsive to the national requirements, saying this is achievable when the government build a strong fiscal regime through the expansion of the revenue base and eliminate wastages and leakage in expenditures.

Receiving the budget proposal, the speaker of Akwa Ibom state house of assembly, Barr Onofiok Luke assured the governor that the assembly will assess the budget document properly, and give it a speedy passage.