A’Ibom Proposes over N697 billion for 2023 Fiscal Year
Okon Bassey in Uyo
Akwa Ibom State Governor, Mr Udom Emmanuel yesterday proposed a budget outlay of N697.005 billion for the 2023 fiscal year.
The budget estimate is 10 per cent higher than the approved revised provision budget of N631.881 for 2022.
Presenting the budget at the State House of Assembly, Governor Emmanuel explained that the 2023 Budget is predicated on an oil benchmark of $70 per barrel at a production rate of 1.69 million barrels per day with an estimated exchange rate of N435.57/USS.
The governor said the budget is prepared in accordance with International Public Sector Accounting Standards (IPSAS) Accrual template.
The budget christened “Budget of Completion”, has a total of N344 005 billion as recurrent expenditure while N353.000 billion is for capital expenditure.
“Government has proposed a total budgetary outlay of N 697.005 billion for the 2023 Financial Year as against the approved revised provision of N631.881 of 2022 representing an increase of 10 per cent from the 2022 revised budget,” he said.
Governor Emmanuel said the policy thrust for the 2023 budget will focus on consolidating the gains of the 8-Point Completion Agenda including Industrialisation, Education, Aviation Development, Rural and Riverine Area Development, Agriculture, Small and Medium Scale Enterprises, Infrastructure Expansion and Consolidation. Security and Human Capacity Development
On how the state would fund the 2023 budget, he said: “The total projected recurrent revenue for 2023 is estimated at N390 850 billion as against the approved revised provision of N303 854 billion, representing 29 per cent increase in revenue projection for the year 2023.
The breakdown is as follows: Internally Generated Revenue (IGR)N47.850 billion, Statutory Revenue – N51.000 billion, Derivation Revenue – N200.000 billion,
Exchange Gain- N40.000 billion, Excess Crude- N10,000 billion, Electronic Money Transfer – N12.000 billion, Value Added Tax- – N30,000 billion, total – N390,850billion.
The Governor said the policy objectives of the budget is based on “stimulating the State’s economy and create opportunities of gainful employment through, Industrialization. Agriculture including Air and Sea infrastructure
“Sustained growth through Rapid industrialization and Job Creation, infrastructural investments, Roads. Sports, Tourism, Solar Power, Communication Technologies Aviation and Sea infrastructure
“Continued support for Small and Medium Scale Enterprises (SMEs) as the engine of our economy to encourage local capability in manufacturing and the use of our locally made products for domestic use exports
“Create jobs using labor intensive methods in key areas such as Agriculture, Housing. Inter-ministerial and Ministerial Direct Labor intervention, etc
“Amelioration of poverty among the vulnerable groups in our society including women and people living with disabilities, through pro-poor spending, Economy Diversification to create more wealth, sustainable employment and food.”
