A’Ibom governor presents N697.005bn budgetary outlay to assembly

Ini Billie, Uyo

The Akwa Ibom State Governor, Mr Udom Emmanuel has presented a budgetary outlay of N697. 005 billion to the state House of Assembly for the 2023 fiscal year.

The appropriation bill is a 10 per cent increase of the 2022 revised budget which was N631.881 billion.

Addressing the Akwa Ibom State House of Assembly on Monday in Uyo during the presentation of the appropriation bill, Emmanuel noted that the bill was made up of recurrent expenditure of N344.005 billion and capital expenditure of N353,005 billion.

According to him, the total projected recurrent revenue for the 2023 fiscal year is estimated at N390,850 billion, an increase of 29 per cent revenue as against the revised provision of N303, 854 billion for 2022.

The governor added that the 2023 budget christened “Budget of Completion” will focus on consolidating the gains of the 8-point completion agenda and ensure inclusiveness in the area of employment, wealth creation, safe and habitable environment, productive welfare packages for indigenes and improved service delivery of government.

“The 2023 budget is predicated on an oil benchmark of $70 per barrel at a production rate of 1.69million barrels per day with an estimated exchange rate of N435.57/US$, in line with the National Budget benchmark projections.

“The National GDP has been projected at a 3.75% growth rate with a National inflation rate of 17.16%. It is important to note also that the State inflation figure is below the national average.

“This is due to the State Government’s persistent intervention measures in the agriculture subsector to halt and reverse the rising cost of food consumables in Akwa Ibom State,” he stated.