By; PATRICK TITUS, Uyo
Akwa Ibom State’s Commissioner for Finance, Dr. Linus Nkan, has explained the reasons behind a N4.368 billion reduction representing 0.5% in the state’s 2024 budget, compared to the revised 2023 budget.
Governor Umo Eno on Tuesday, presented a budget estimate of N845.632 billion for the 2024 financial year to the State’s House of Assembly, showing a slight reduction from the revised N850 billion presented in 2023 by the previous governor, Udom Emmanuel.
During a chat with journalists in Uyo, the Finance Commissioner acknowledged that it was the first time in history that the current year’s budget is lower than the previous year’s. He explained that the governor expressed a desire for a realistic and implementable budget, focusing on cost reduction and people-centric projects.
Dr. Nkan highlighted the Governor’s emphasis on curbing the cost of governance in 2024 and increasing capital expenditure while reducing recurrent expenditure. The budget reflects a people-oriented approach, with careful consideration given to each item. The economic sector receives the largest allocation in the budget
Hear him: “A look at the budget shows that it is people-oriented. When we gave him (the governor) the budget to look at, he came back saying that we should take him item by item and he made sure that the budget was not as bogus as it used to be. The budget is clear, purposeful, and very pragmatic. The economic sector takes the lion’s share of the budget.”
Furthermore, the governor aims to promote fiscal transparency, accountability, and strengthen public procurement to reduce the cost of governance.