Uyo, Nov. 22, 2023: Governor Umo Eno of Akwa Ibom on Tuesday presented a proposed total budget outlay of N845.63 billion for the 2024 Financial Year as against the revised provision of ₦850.00 billion of 2023 to the state House of Assembly for consideration.
The 2024 financial appropriation estimate comprised of Recurrent Expenditure of N352.92 billion and Capital Expenditure of N492.72 billion.
Eno said that the total projected recurrent revenue for 2024 is estimated at ₦561.00 billion as against the approved revised provision of ₦540.850 billion representing 3.7 per cent increase in revenue projection for the year 2024.
He said that the 2024 Budget, which is christened “ARISE Budget for Growth and Expansion” is predicated on an oil benchmark of $73.96 per barrel at a production rate of 1.78 million barrels per day with an estimated exchange rate of ₦700 /US$.
The Governor added that the 2024 oil benchmark and exchange rate is in line with the National Budget benchmark projections.
“To realize the year 2024 Budget objectives, the following strategies shall be adopted by the State Government; Partner with foreign investors to invest in the relevant and key sectors of the State economy and undertake robust human capital development.
“Widen the industrial base of the State through rapid industrialisation and investment activities by providing enabling environment for the private sector to thrive.
“This is to enhance the availability of goods and services for domestic use as well as for export.
“Achieving at least 10 per cent increase in IGR by eliminating evasion in payment, wastages and leakages in collection and expenditure and developing tourism potentials,” Eno said.
Eno added that the 2024 budget would stimulate the Agricultural and Agro-allied industries to boost production of local farmers to ensure food sufficiency for local consumption, exports as well as the provision of raw materials for the industries.
According to him, the budget will expand and maintain infrastructure and services in Health-Care Delivery at Primary and Secondary levels and to safeguard the State against any further public health emergencies after COVID-19 pandemic.
In his remarks, Speaker of the Assembly, Mr Udeme Otong, assured the governor that the lawmakers would quicken the consideration process to ensure speedy passage of the 2024 budget estimate to fasten development in the state.
Otong urged all Heads of Ministries Departments and Agencies (MDAs) in the state to cooperate with the House of Assembly during the budget defense to ensure speedy passage of the budget.