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From Joe Effiong, Uyo
Akwa Ibom State Governor, Udom Emmanuel, has presented a total of N697,005 billion as proposed budget estimate for the 2023 fiscal year.
The proposed estimate has been increased by 10 per cent more than of the revised 2022 appropriation of N631.881.
It is Governor Emmanuel’s last budget as his second term tenure ends on June 12, 2023.
The governor while presenting the budget at the Akwa Ibom State House of Assembly, Uyo, yesterday, predicated it on an oil benchmark of $70 per barrel at a production rate of 1.69 million barrels per day with an estimated exchange rate of N435.57/USS.
He explained that the budget, prepared in accordance with International Public Sector Accounting Standards (IPSAS) Accrual template, and Christened “Budget of Completion” was estimated at a total of N344 005 billion for recurrent expenditure, while N353.000 billion would go into capital expenditure.
The governor said the policy thrust for the 2023 budget was on consolidating the gains of the eight -point completion agenda which include industrialisation, education, aviation development, rural and riverine area development, agriculture, small and medium scale enterprises, infrastructure expansion and consolidation, security and human capacity development
“The total projected recurrent revenue for 2023 is estimated at N390 850 billion as against the approved revised provision of N303 854 billion, representing 29 per cent increase in revenue projection for the year 2023. Internally Generated Revenue (IGR),N47.850 billion, statutory revenue, N51.000 billion, derivation revenue, N200.000 billion, exchange gain,N40.000 billion, excess crude, N10,000 billion, electronic money transfer, N12.000 billion, Value Added Tax, N30,000 billion, total – N390,850billion,” he said.
He listed the policy objectives of the 2023 budget to include “stimulating the state’s economy and create opportunities of gainful employment through industrialisation, agriculture including air and sea infrastructure.
