By Ogenyi Ogenyi,Uyo
Akwa Ibom State Government has proposed a total budgetary outlay of N845.632 billion for the 2024 Financial Year.
The budget as presented on Tuesday by Governor Umo Eno to the State Assembly in Uyo is against the approved revised provision of N850.000 for 2023, representing a decrease of 0.5%.
The estimate is made up of – 352.917 Billion for recurrent expenditure and a
Capital Expenditure of N492.715 Billion.
Total projected Recurrent Revenue for 2024 is estimated at ₦561.000 billion as against the approved revised provision of ₦540.850 billion for 2023, representing 3.7% increase in revenue projection for the year 2024.
The breakdown of projected revenue include N60B from Internally Generated Revenue (IGR), N55.000 billion from statutory revenue sources,N280B from Derivation Revenue, N51B from 13% Derivative Revenue Arrears,N60B from
Exchange Gain, Augmentation, N10.000B from
Excess Crude and N45B from Value Added Tax (VAT).
The Recurrent Expenditure of N352.737B is made up of Personnel Cost of N85.431B, Overhead Cost of – N141.286B, Social contribution & Benefit (Pension & Gratuity) of N41.5B, Grant, Contribution & Subsidies of N1.5B and N83B for Other recurrent items.
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.
Total projected Capital Receipts showed that N208.083 billion would be transferred from the Consolidated Revenue Fund, while the balance of N284.632 billion is to be realized from Opening Balance from 2023 account amounting to ₦60B and Direct Credit Substitute/Receivable Discounting Facility/Internal Loan of N164.632B, External Bank Loan of 20B.
Others include Grants totalling N21B, N5B from Ecological Fund, N2B from Reimbursement from Federal Govt. on Roads, Other exceptional Income totalling N10B and N2B from Stabilization Account.
Sectoral allocations indicate that General Administration would gulp N174.448B representing 20.6%, Even sector to gulp N538.88B representing 63.7%, Law and Justice to gulp N15.78B while Regional and Social sectors is allocated 0.449B and N116.07B respectively.
