Connect with us

News

Gov Emmanuel presents 697.005 Billion budget estimate for 2023 to Akwa Ibom Assembly

Published

on

The Governor of Akwa Ibom State, Mr Udom Emmanuel, on Monday, November 7, presented a proposed budget of N697.005 Billion to the state House of Assembly for the 2023 fiscal year.

The budget christened ‘Budget of Completion’ is against the approved revised provision of N631.881 of 2022, representing an increase of 10% from the 2022 revised budget.

He said 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 explained that the budget, prepared in accordance with International Public Sector Accounting Standards (IPSAS) Accrual template, was estimated at a total of N344 005 billion as Recurrent Expenditure while N353.000 billion would go into Capital Expenditure.

He further explained that the total projected Recurrent Revenue would be N390 850 billion as against the approved revised provision of N303 854 billion, representing 29% increase in revenue projection for the year 2023.

Governor Emmanuel said the policy thrust for the 2023 Budget will focus on consolidating the gains of the 8-Point Completion Agenda which include: Industrialization, Education, Aviation Development, Rural and Riverine Area Development, Agriculture, Small and Medium Scale Enterprises, Infrastructure Expansion and Consolidation. Security and Human Capacity Development

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *