By Odo Ogenyi, Uyo
Governor Udom Emmanuel of Akwa Ibom has presented a budget estimate of N697.005 billion for the 2023 fiscal year to the State Assembly in Uyo.
The budget proposal, tagged Budget of Completion is made up of N353B for Capital Expenditure and N344B for recurrent expenditure as against the previous year’s revised provision of N631.88B
Emmanuel explained that the budget is predicated on an oil benchmark of $70 per barrel at a production rate of 1.69 million barrels per day and is focused on the policy thrust of consolidating on the gains of the 8-points Completion Agenda.
To aid implementation, the budget also has a projected Recurrent Revenue of N390.85B which would include Internal Revenue of N47.85B, N51B Statutory Revenue, N200B Derivation Revenue, N10B Excess Crude Fund and N82B from VAT, Electronic Money Transfer Levy, Exchange Gain and others.
The Governor further expounded that the Policy Objectives of the 2023 budget would include stimulating the state’s economy to create opportunities of gainful employment through industrialization, agriculture as well as air and sea infrastructure.
It would also include support for SMEs as the engine of the economy to encourage local capacity in manufacturing and the use of locally made products for domestic use exports.
It would also create economic diversification to create more wealth, sustainable employment and food sufficiency; amelioration of poverty among vulnerable groups, including women and persons living with disabilities through pro-poor spending, among others.
He also outlined strategies for realizing the set objectives to include: partnering foreign investors in relevant sectors of the state economy and rubust human capital development; widen the industrial base of the state thereby enhancing the availability of goods and services for domestic consumption.
Others include to enhance delivery of qualitative and prompt service by public servants through automation and effective intra and inter MDAs collaboration; improve fiscal transparency and accountability in all MDAs with emphasis on cost effectiveness in all programmes and projects of government, among others.
While recounting the gains of Legislature-Executive collaboration for the state in the past years, Emmanuel appealed for due consideration and timely approval of the 2023 budget, promising to faithfully implement it’s provision for the benefit of the people of the state.
“I therefore, appeal for your approval on my submissions and your support for its implementation. We promise a faithful implementation of this “Budget of Completion” for the general good of our people.
“Our resolve to alleviate poverty and restore hope, create wealth, generate employment, stimulate agriculture and industrial development and uplift the overall welfare of our people remains unflinching.” He explained.
House Speaker, Mr. Aniekan Bassey, acknowledged the harmonious and result-oriented relationship between the executive and other arms of government which, he affirmed, has translated into growth and development in the state, and commended the governor’s prudence, transparency and accountability in managing the state resources and his unwavering commitment to serving the people of the state
The Speaker urged Ministries, Departments and Agencies of government to cooperate with the House of Assembly to make the passage of the budget seemless, and pledged the commitment of the legislature in the discharge of its duties to the development of the state.
