The Governor of Akwa Ibom State, Governor Umo Eno has presented a proposed total budget estimate of N845.632 billion for the 2024 Financial Year.
Christened, “Arise Budget for Growth and Expansion” the budget presented to the Akwa Ibom State House of Assembly in Uyo on Tuesday comprised of Recurrent Expenditure of N352.92 billion and Capital Expenditure of N492.72 billion.”
Delivering a speech, the Governor said the total projected recurrent revenue for 2024 is estimated at N561.00 billion as against the approved revised provision of N540.850 billion representing 3.7 percent increase in revenue projection for the year 2024.
The 2024 Budget, as further explained by the Governor, is predicated on an oil benchmark of $73.96 per barrel at a production rate of 1.78 million barrels per day with an estimated exchange rate of N700 /US$.
He said the total Capital Receipts and Expenditure for the year 2024 is estimated at N492.715 billion as against the approved revised provision of N455.685 billion for 2023.
Governor Eno added that a total projected Capital Receipts shows that N208.083 billion will be transferred from the Consolidated Revenue Fund.
In his words: “To realise 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 an 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 percent 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, Primary and Secondary levels and to safeguard the State against any further public health emergencies after COVID-19 pandemic.