Gov Emmanuel Proposes N597.8bn Budget For 2020
The Akwa Ibom government has proposed N597.800 billion for the 2020 financial year. The amount is lower than the N672.985 billion in 2019 financial year.
Gov Udom Emmanuel, watched by his deputy, Mr. Moses Ekpo, made the presentation of the budget estimates to members of the State Assembly along Udo Udoma Avenue, Uyo, Tuesday.
Emmanuel stated that the budget size has a recurrent expenditure of N111.225 billion, a capital expenditure of N369.642 billion and consolidated revenue fund charges of N116.933 and is christened the Budget of Industrialization for Poverty Alleviation Phase 2.
The governor stated that the total projected recurrent revenue for the 2020 financial year has been estimated at N381.556 billion, drawn from Internally Generated Revenue (IGR) of N52 .556 billion; statutory allocation N52.000billion, derivation fund N255.000 billion; retained revenue from parastatals N2.000billion and Value Added Tax (VAT) N20,000 billion.
He maintained that the recurrent expenditure for the financial year was estimated at N228,158 billion, made up of personnel costs of N60,942 billion; overhead costs N50,283 billion while the capital expenditure of N369, 642 billion has a breakdown of opening ball of N9.944 billion; internal/external loans N35,300 billion; grants N50, 000 billion, ecological funds, N20, 000 billion; reimbursements and refunds as well as investment income, N101,000 billion.
The governor said that the 2020 budget would also serve as a starting point in the actualization of his administration's eight-point completion agenda, covering industrialization, aviation development, rural and riverine areas development, agriculture, human capacity development, security, infrastructure and promotion of small and medium scale enterprises, adding that the budget would properly link all the eight prongs to bring a coordinated and sustaining development with multiplier effects in the state.
Emmanuel remarked that the 2020 budget would also have the policy objective of promoting trade, commerce and tourism between Akwa Ibom and the rest of the world, maintaining that the budget would encourage small and medium scale enterprises through an efficient micro-credit framework.
He said the Akwa Ibom government budget implementation in 2020 would sustain the implementation of the free and compulsory qualitative education by the expansion of facilities to cope with increased enrolment in schools, adding that the budget would ensure the availability of durable and affordable shelter through low cost housing estates.
The speaker of the Assembly, Mr Aniekan Bassey, expressed the confidence of the legislature on the executive arm of the government in making the budget realized, saying that the due implementation of the 2019 budget has already set the template for a successful roadmap.
Bassey called on the various Ministries, Departments and Agencies (MDAs) to provide the needed data to aid the Assembly in the consideration of the budget for approval in the overall interest of the state.