By Emeka Samuel, Uyo
Governor Udom Emmanuel of Akwa Ibom has presented a budget of N670.718 billion for the 2019 fiscal year to the state House of Assembly.
The budget which is N24 billion less than the 2018 estimate of N646.649 billion is predicated on oil benchmark of $60 per barrel at a production rate of N2.3 million barrels per day with an exchange
rate of N305 per US$ in line with the budget benchmark projections.
The 20129 estimate is made up of N97.096 billion as recurrent expenditure and N445.936 billion as capital expenditure while N127.686 billion budgeted for consolidated revenue fund charges.
Total recurrent revenue is estimated at N374.243 billion and is made up of N43.693 billion from Internally Generated sources, N50 billion from statutory allocation, N250 billion from derivation while N2.550billion, N18 billion and N10 billion are expected from retained revenue from parastatals, Value added Tax and budget support respectively.
The recurrent expenditure is proposed at N224.782 billion and is made up of N54.797 billion for personnel cost, N42.229 billion for overhead cost and N127.686 for consolidated revenue charges including pensions, gratuities and public debts.
Capital expenditure for the year is estimated estimated at N445.936 billion with N149.461 transferred from consolidated revenue charges with a balance of N296.475 billion would be realized from loans,
grants, ecological funds, reimbursement from FG, investment income and opening balance from 2018.
A breakdown of the sectorial allocations showed that administration would gulp N100.660 billion while economy with a total outlay of N286.116 representing 64.2% takes a large chunk of the allocation with law and justice; regional and social sectors getting N10.069; N1.963 and
The Governor maintained that the government’s bold steps taken to invest in security, infrastructure and industrial development have set the stage for faster and sustained economic growth and development in the state.
“The 2019 budget goes further to support areas that will deliver inclusive growth especially in agriculture and its value chain, as this is the anchor for our quest for industrialization and attendant
“It is only God’s grace that this budget of “INDUSTRIALIZATION FOR POVERTY ALLEVIATION’ will be judiciously implemented to achieve the philosophy of making Akwa Ibom greater and taking it to more enviableheights.” Emmanuel concluded.