Gov Emmanuel budgets N670.72bn for 2019 fiscal year
The Akwa Ibom State Governor, Udom Emmanuel has presented budget estimate of N670.72 billion to the House of Assembly for consideration.
The budget was increased by N24.07 billion from N646.65 billion estimated last year.
Christened budget of industrialisation for poverty alleviation, “the appropriation bill captures N97.09 billion for recurrent expenditure while N445.94 billion was projected for capital expenditure and N127.69 billion for consolidated revenues.
Emmanuel said that the total projected recurrent revenue for the year was N374.24 billion as against N289 billion estimated in 2018.
He said that the Budget christened “Budget of Industrialisation for Poverty Alleviation” it is intended to build more industries and attract more direct foreign investment.
The governor said that the preparation of the budget was guided by the International Public Sector Accounting Standard (IPSAS).
According to him, the 2019 budget is also predicated on oil benchmark of $60 per barrel at a production rate of N2.3 million barrels per day, with estimated exchange rate of N305/US$.
Emmanuel said the policy objectives of 2019 budget are to broaden and diversify the state’s resource base through improvements in the collection of Internally Generated Revenue (IGR).
The budget would also boost production by local businesses through the promotion of trade, commerce and tourism between the state and the rest of the world.
The 2019 policy objectives of the budget would also aimed to develop agriculture through the supply of improved agricultural inputs, credit and extension services.
The governor added that policy objectives of the 2019 would also be to maintain a good working relationship with the central Government in order to attract federal presence to the state.
According to him, the sectoral allocation of the capital expenditure showed that Administration has N100.66 billion, Economy has N286.12 billion, Law and Justice N10.07 billion, Regional N1.96 billion and Social has N47.13 billion.
He explained that the 2019 policy framework would be to ensure accountability and transparency in government by fighting and tackling corruption in all facets of state administration.
Highlights of the 2019 showed that roads, works and transport got the lion share of N157.31 billion; education, N15. 05 billion, N13.06 billion for agriculture and Land housing urban renewal N53.62 billion.
In his remarks, Speaker of the Assembly, Mr Onofiok Luke, assured the governor that the lawmakers would quicken the consideration process to ensure speedy passage of the Appropriation Bill.
