By; PATRICK TITUS, Uyo
The Akwa Ibom State government has proposed a budget outlay of N670.718b to be spent in 2019 fiscal year. State Governor, Mr. Udom Emmanuel has disclosed.
A development, that would be giving the state government spending power above three key states from the North West geopolitical zone of the country.
Kano State which has the highest budget from the zone is proposing N211.7bn, Katsina proposed N200.7bn and Kaduna proposed N155bn.
Highlight of the budget estimate indicates that the sum of N97.096b has been earmarked as recurrent expenditure while capital expenditure is billed to take N445.936, and a total sum of 127.686 is estimated for consolidated revenue fund charges.
Presenting the budget estimate to the State House Of Assembly in Uyo on Wednesday for ratification, Governor Emmanuel said the 2019 budget is predicated on oil benchmark of $60 per barrel at a production rate of N2.3 million barrels per day, with estimated exchange rate of N305/US$.
The budget proposal tagged “budget of industralization for poverty alleviation” will, according the governor create employment, generate wealth and reduce poverty among the youths
The total projected recurrent revenue for the year 2019 according to the governor is estimated at N374.24 billion as against N289 billion estimated for 2018.
The sectoral allocation of the capital expenditure indicates that Administration has N100.66 billion, Economy; N286.12 billion, Law and Justice; N10.07 bilion, Regional; N1.96 billion and Social has N47.13 billion.
Furthermore, works and transport will receive the sum of N157.31 billion; education, N15.05 billion, N13.06 billion for agriculture and Land housing urban renewal N53.62 billion.
The governor said the preparation of the budget was guided by the International Public Sector Accounting Standard (IPSAS).
He listed the policy objectives of the 2019 budget to include the broadening and diversifying of state’s resource base through improvements on the collection of Internally Generated Revenue (IGR).
The governor said the budget would also boost production by local businesses through the promotion of trade, commerce and tourism between the state and the rest of the world.
His words “The 2019 policy objectives of the budget also aim to develop agriculture through the supply of improved agricultural inputs, credit and extension services”.
“The policy objectives of the 2019 would also be to maintain a good working relationship with the central Government in order to attract federal presence to the state” He said.
Emmanuel pledged to ensure accountability and transparency in the implementation of the 2019 budget, assuring that government will be fighting and tackling corruption in all facets of state administration.
The Speaker of the State House of Assembly, Barr Onofiok Luke in his remarks assured that the legislature would speed up consideration process of the budget for prompt passage to law.