Gov Emmanuel Presents N697.005bn   Budget Estimate  For 2023 In Akwa Ibom

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By;  PATRICK TITUS, Uyo 

The Akwa Ibom State Government has proposed a total budget outlay of N 697.005 billion for the 2023 Financial Year, tagged “Budgets of Completion Agenda.”

The 2023 budget estimate is against the approved revised provision of N631.881 of 2022, representing an increase of 10% from the 2022 revised budget.

Presenting the budget on Monday in Uyo, to the Akwa Ibom State House of Assembly for consideration and approval, Governor Emmanuel explained that 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. 

Governor Emmanuel 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.

“Government has proposed a total budgetary outlay of N 697.005 billion for the 2023 Financial Year as against the approved revised provision of N631.881 of 2022 representing an increase of 10% from the 2022 revised budget”. He said 

The governor 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

On how the state would fund the 2023 budget, he said 

“The total projected Recurrent Revenue for 2023 is estimated at N390 850 billion as against the approved revised provision of N303 854 billion, representing 29% increase in revenue projection for the year 2023

The breakdown is as follows:, 

Internally Generated Revenue (IGR)- N47.850 billion, Statutory Revenue –  N51.000 billion,  

Derivation Revenue –  N200.000 billion,  

Exchange Gain- N40.000 billion,  Excess Crude-  N10,000 billion,  Electronic Money Transfer  – N12.000 billion,  Value Added Tax- – N30,000 billion, total – N390,850billion. 

On  the Policy Objectives of the 2023 Budget, he listed : “Stimulating the State’s economy and create opportunities of gainful employment through,  Industrialization. Agriculture including Air and Sea infrastructure

“Sustained growth through Rapid industrialization and Job Creation, infrastructural investments, Roads. Sports, Tourism, Solar Power, Communication Technologies Aviation and Sea infrastructure

“Continued support for Small and Medium Scale Enterprises (SMEs) as the engine of our economy to encourage local capability in manufacturing and the use of our locally made products for domestic use exports

“Create jobs using labor intensive methods in key areas such as Agriculture, Housing. Inter-ministerial and Ministerial Direct Labor intervention, etc

“Amelioration of poverty among the vulnerable groups in our society including women and people living with disabilities, through pro-poor spending 6. Economy Diversification to create more wealth, sustainable employment and food”.

Reactivating after receiving the proposed project, Speaker of the State House Assembly, Rt. Hon. Aniekan Bassey assured that members would deliberate on the document and pass accordingly.

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