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.
