Contrary to the prevailing market prices, Akwa Ibom State budget estimate of N845.632 billion for the 2024 Financial Year has experienced a slight decrease compared to N850 billion budgeted for 2023.
The total estimate for the 2023 financial year comprised Recurrent Expenditure of ₦394.315 billion and the Capital votes of ₦455.685 billion.
This year’s budget shows a decrease of 0.5 per cent from the 2023 revised budget.
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Tagged “Arise Budget for Growth and Expansion,” the budget comprised Recurrent Expenditure of N352.92 billion and Capital Expenditure of N492.72 billion.
Akwa Ibom State Governor Umo Eno who presented it to the Akwa Ibom State House of Assembly in Uyo on Tuesday said the total projected recurrent revenue for 2024 is put at ₦561.00 billion against the approved revised provision of ₦540.850 billion representing 3.7 per cent increase in revenue projection for the year 2024.
The 2024 Budget, as further explained by the Governor, is predicated on an oil benchmark of $73.96 per barrel at a production rate of 1.78 million barrels per day with an estimated exchange rate of ₦700 /US$.
He said the total Capital Receipts and Expenditure for the year 2024 is estimated at N492.715 billion as against the approved revised provision of N455.685 billion for 2023.
Governor Eno added that a total projected Capital Receipts shows that N208.083 billion will be transferred from the Consolidated Revenue Fund
“To realise the year 2024 Budget objectives, the following strategies shall be adopted by the State Government; Partner with foreign investors to invest in the relevant and key sectors of the State economy and undertake robust human capital development.
“Widen the industrial base of the State through rapid industrialisation and investment activities by providing enabling environment for the private sector to thrive.
“This is to enhance the availability of goods and services for domestic use as well as for export.
“Achieving at least 10 per cent increase in IGR by eliminating evasion in payment, wastages and leakages in collection and expenditure and developing tourism potentials,” Eno said.
The Governor added that the 2024 budget would stimulate the Agricultural and Agro-allied industries to boost production of local farmers to ensure food sufficiency for local consumption, exports as well as the provision of raw materials for the industries.
According to him, the budget will expand and maintain infrastructure and services in Health-Care Delivery, Primary and Secondary levels and to safeguard the State against any further public health emergencies after COVID-19 pandemic.
Giving further insight on the 2024 budget estimate, the state Commissioner for Finance, Dr Linus Nkan listed sectors of allocation to include Administration, Economic, Law and Justice, Regional and Social, saying that the economic sector took a lion share of N538.881b.
He described this year’s budget as more concise and people- oriented, stating that Governor Eno took an active part in the drafting of the budget.
Receiving the budget proposal, the Speaker of the House, Udeme Otong thanked the Governor for coming to present the estimate to them.
Otong pledged the commitment of the members to painstakingly look into it before passage of same into law.
