Governor Udom Emmanuel of Akwa Ibom State, on Friday, presented 2018 Budget of N651.50 billion to the House of Assembly for consideration.
The budget, titled “Budget of Consolidation on Industrialisation” is higher than 2017 figure of N485.79 billion with N165.71 billion.
The Appropriation Bill is made up of N92.69 billion recurrent expenditure and N437.67 billion for capital expenditure while consolidated revenue stood at N120.86 billion.
Emmanuel said that the total projected recurrent revenue for the year was N289 billion as against N188.50 billion estimated in 2017.
He said the budget would enhance government’s industrialisation policy to logical conclusion.
According to him, the preparation of the document was guided by the International Public Sector Accounting Standard (IPSAS).
The policy framework of 2018 budget is also predicated on developmental objectives, he added.
The governor gave the assurance that catalysts outlined in the state’s Medium Term Plan document would be strictly adhered to in pursuing transformation agenda.
Emmanuel said the budget would also aim to actualise the economic power base of the state through industrialisation and sustainable public-private initiatives that would open opportunities for growth and improved living standard.
He explained that the 2018 policy framework would be to ensure accountability and transparency in government by fighting and tackling corruption in all facets of state administration.
He further explained that the budget would also focus on promotion of trade, commerce and tourism between Akwa Ibom, the country and the world.
Emmanuel announced that the budget was predicated on oil bench mark of $45 per barrel and production rate of 2.3 million barrels per day.
Highlights of the 2018 budget showed that Roads, Works and Transport got the lion share of N211.42 billion; Education, N10.53 billion and N17.91 billion for Agriculture.
In his remarks, Speaker of the Assembly, Mr. Onofiok Luke, assured the governor that the lawmakers would quicken the consideration process to ensure speedy passage of the Appropriation Bill.
