x

A’Ibom budgets N582.12B for 2022

Governor Udom Emmanuel of Akwa Ibom on Monday in Uyo presented a total estimate of N582.12B for the 2022 fiscal year to the State Assembly.

According to Emmanuel, the estimate is  N16B  less than the revised estimate of N598B for the 2021 fiscal year and is made up of N260.15B for recurrent expenditure and N321.96B for capital expenditure.
This is against N254B for recurrent expenditure and N354B for capital expenditure for 2021.

The Recurrent Expenditure is made up of ₦70.58B for Personnel Cost , ₦117.67B as Overhead Cost, N20.50B for Social contribution & Benefit,  N1.20B for Grant, Contribution & Subsidies and N50.20B for Public Debt Service.

The total projected Capital Receipts showed that N13.703 billion would  be transferred from the Consolidated Revenue Fund, while the balance of N308.261 billion is to be realized from opening balance from 2021 account of –   ₦26.000 billion and Direct Credit Substitute/Receivable Discounting facility amounting to ₦60B.

Others include External Bank Loan of ₦3.990 billion , Grants amounting to ₦24.168 billion, N25B from Ecological Fund  ,N15B from reimbursement from Federal Govt. on Roads, an  Investment Income of ₦0.200 billion,N15B from exceptional Income, One Billion from Stabilization Account and Refunds from Federal Govt/Federation Account amounting to  ₦137.90B 

The sectoral allocation showed that General Administration would  gulp N132.57B, N 347.35B for economic sector, N10.38B for Law and Justice while Regional and social sectors would gulp N 1.99B and  N89.83B respectively.

According to the Governor, the budget is predicted on an oil benchmark of $57 per barrel at a production rate of 1.88 million barrels per day with an estimated exchange rate of ₦410.15/US$, in line with the National Budget benchmark projections. 

 He commended the House for their passion, commitment and tireless efforts in approving the 2022-2024 Medium Term Expenditure Framework (MTEF) the Fiscal Strategy Paper (FSP) and the passage of the 2021 Revised (Supplementary) Appropriation Bill in response to exigencies

House Speaker, Barr Aniekan Bassey had assured the Governor of a speedy examination and passage of the estimates in line with their committment towards sustaining a robust economy for the state.

Hot this week

Over 50 terrorists neutralize, 70 wounded in severe battle with troops

By Achadu Gabriel, KadunaWith renewed vigour and triumph,...

Wike Assures 12-Month Completion of Nigerian Law School Hostel

By Joyce Remi-BabayejuThe FCT Minister Barr. Nysome Wike...

NDDC Commissions Naval Facility in Bayelsa to Boost Security in Niger Delta

By Amgbare Ekaunkumo, YenagoaThe Niger Delta Development Commission (NDDC)...

Hajj 2026: Dual 23kg Luggage Policy Sparks Logistical Concerns

By Ibrahim Muhammad The newly introduced luggage policy for the...

FG Launches Made-in- Nigeria Mobile App to Boost Community Healthcare Services

By Joyce Remi-BabayejuThe Federal Government has launched a...

Hazras Charity Foundation Concludes Educational Kits Distribution in Kano, Expands to Jigawa State

By Jabiru HassanThe Hazras Charity Foundation, a delivery partner...

Kaduna Women Journalists Urge Government Action on Poor Power Supply, Commend State’s Climate Efforts

By Achadu Gabriel, KadunaThe Nigeria Association of Women Journalists...

Gov. Ododo Hails Appointment of Maj.-Gen. Waidi Shaibu as New Chief of Army Staff

By Noah Ocheni, LokojaKogi State Governor, Alhaji Ahmed Usman...

NDDC Commissions Naval Facility in Bayelsa to Boost Security in Niger Delta

By Amgbare Ekaunkumo, YenagoaThe Niger Delta Development Commission (NDDC)...

KOSIEC Releases Timetable for 2026 Kogi Local Government Elections

By Noah Ocheni, LokojaThe Kogi State Independent...

Terrorist Invade Southern Kaduna Community, Abduct 10 Residents in Kauru LGA

By Achadu Gabriel, KadunaTerrorists have again attacked Southern Kaduna,...

Related Articles

Popular Categories

spot_imgspot_img