By; Patrick Titus, Uyo
Akwa Ibom state governor, Mr. Udom Emmanuel has proposed a total budget outlay of N365.251 billion for 2017 fiscal year as against N423 billion budgeted in 2016.
The 2017 budget which is N58 billion less than 2016, is made up of N88.425 recurrent expenditure, N193.956 for the capital expenditure while N82.870 is for consolidated revenue fund charges.
Christened “budget of consolidation” it has a total projected recurrent revenue of N175 billion as against N284.666 for 2016 which was called “budget of sustainable development”.
Presenting the budget to state house of assembly in Uyo on Thursday, Governor Emmanuel said the budget is predicated on crude oil price of $35 per barrel at a production quota of one million barrel per day
According to the Governor, N27.684 will be derived from as Internally Generated Revenue (IGR), N15 billion from statutory allocation, N120 billion from derivation fund, N2.16 billion from retained revenue from parastatals while N10 billion will be gotten from Derivation fund making a total of N175 billion.
The recurrent expenditure for the 2017 budget is proposed at N171.295 billion made up of N50.489 billion as personnel costs, N37.936 billion as overhead costs, N82.970 billion as consolidate revenue fund charges including pensions, gratuities and public debts making a total of N171.295 billion.
The breakdown of the budget further showed that the total capital receipts and expenditure for the 2017 is estimated at N193.956 billion as against N242 billion for 2016 while a total projected receipts shows that N3.706 billion will be transferred from the consolidated revenue fund while the balance of N190.250 billion is to be realised as follows,
A total of N6.250 billion will be from opening balance, N128 billion from internal/external loans, N3 billion from grants and N2 billion from ecological funds.
Others include N50 billion from reimbursement from federal government on road projects while N1 billion will be from government investment.
The sectoral allocation showed that economic developed got the highest allocation of N128 billion being 42 percent of the allocation, followed by administration which N42 billion or 21 percent of the allocation while regional administration got the least allocation of N800 million or 0.4 percent.
The Governor said that the budget would target activation of the economic power base of the state via industrialisation, creation of enabling environment for social and business growth, mobilisation of youth and women programmes and promotion of trade and tourism.
He said that the new fiscal policy in the state would ensure a strong fiscal regime, building of a viral public/private sector cooperation and to ensure that the state produce atleast 80% of its consumption capacity before 2023.
Receiving the budget, the speaker, Onofiok Luke lauded the state government for its development strides and pledged that the assembly would give and accelerated consideration to the 2017 appropriation bill to enable the state government continue with its consolidation programmes and policies.
Luke called for understanding from the public even as he promised that the house would ensure close monitoring of the implementation of the budget.”I want to appeal to members of the public not to mistake our oversight functions on the administration to mean intrusion or witch hunting on the executive.” Luke said.
By; Patrick Titus, Uyo