Gov. Udom Emmanuel of Akwa Ibom on Monday presented a proposed total budget outlay of N697.005 billion for the 2023 Financial Year as against the revised provision of N631.881 billion of 2022 to the state House of Assembly for consideration.
The Appropriation Bill comprised of N344.005 billion as Recurrent Expenditure, N353.00 billion as Capital Expenditure.
Emmanuel said that the total projected recurrent revenue for 2023 is estimated at N390.85 billion as against the approved revised provision of N303.85 billion for 2022.
The governor said that the preparation of the budget was guided by the International Public Sector Accounting Standard (IPSAS).
He said that the 2023 Budget was christened “Budget of Completion” as against the 2022 Budget christened, “Budget of Re-defining Standards.”
Emmanuel said the 2023 budget is predicated on an oil benchmark of $70 per barrel at a production rate of 1.69 million barrels per day with an estimated exchange rate of ₦435.57/US$, in line with the National Budget benchmark projections.
He said the budget would focus on the 8-Point Completion Agenda to 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 governor said, “the policy objectives of the 2023 budget is stimulating the State’s economy with a view to creating more opportunities for gainful employment of our citizens through Industrialisation, Agriculture including Air and Sea infrastructure.
“Sustained growth through Rapid Industrialisation and Job Creation, Infrastructure Investments, Roads, Sports Tourism Solar Power, Communication Technologies Aviation and Sea Infrastructure.
“Promotion of Small and Medium Scale Enterprises (SMEs) as well as enhancement of local capacities in manufacturing and use of “made in Akwa Ibom” goods and services to create jobs and achieve self-sufficiency in critical sectors of the State’s economy.
“Creation of jobs using labour-intensive methods in key areas including Aviation, Agriculture, Facility Maintenance, Housing, Inter-ministerial and Ministerial Direct Labour interventions.
“Economy Diversification to create more wealth, sustainable employment and food sufficiency,” Emmanuel said.
In his remarks, Speaker of the Assembly, Mr Aniekan Bassey, assured the governor that the lawmakers would quicken the consideration process of the budget to ensure speedy passage of the 2023 budget estimate.
Bassey urged all Heads of Ministries Departments and Agencies (MDAs) in the state to cooperate with the Assembly during the budget defence to expedite the passage.
