The Governor of Akwa Ibom State, Mr. Udom Emmanuel, has presented a proposed budget of N697.005 billion to the state House of Assembly on Monday, November 7.
The ‘Budget of Completion’ is a 10% increase from the 2022 revised budget, following a report from Daily Post.
According to him, the 2023 Budget is based on an oil benchmark of $70 per barrel at a production rate of 1.69 million barrels per day and an estimated exchange rate of N435.57/USS.
The governor explained that the budget, which was prepared in accordance with the International Public Sector Accounting Standards (IPSAS) Accrual template, was estimated at N344 005 billion in Recurrent Expenditure and N353.000 billion in Capital Expenditure.
He went on to say that the total projected recurring revenue for 2023 would be N390 850 billion, up from the approved revised provision of N303 854 billion, representing a 29% increase in revenue projection.
The policy thrust for the 2023 Budget, according to Governor Emmanuel, will be to consolidate the gains of the 8-Point Completion Agenda, which include: industrialization, education, aviation development, rural and riverine area development, agriculture, small and medium-sized enterprises, infrastructure expansion and consolidation and human capacity development and security
A part of the speech reads: “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% from the 2022 revised budget.”
The governor outlined the budget as follows: Internally Generated Revenue (IGR) is N47.850 billion, Statutory Revenue is N51.000 billion, and Derivation Revenue is 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: N390,850 billion.
In response, Speaker of the House of Assembly, Aniekan Bassey, stated that the lawmakers would expedite the consideration process to ensure the passage of the 2023 budget estimate as soon as possible.