Akwa Ibom state governor, Mr. Udom Emmanuel, has proposed a total budgetary outlay of N435.652billion for the 2021 financial year, as against the approved revised provision of N366.000billion of 2020.
Presenting the proposal to the Speaker of the state House of Assembly, the governor noted that the budget was made up of N158.403bilion recurrent expenditure while the capital expenditure is made up of N226.964 billion. He added that the budget was based on an oil benchmark of $40 per barrel at a production rate of 1.86 million barrels per day, with an estimated exchange rate of N379/US$, in line with the National Budget benchmark projections.
According to him, 2020, the budget was christened, “Budget of Industrialization for Poverty Alleviation II”, noting that, 2021 budget was aimed at continuing the actualization process of achieving rapid industrialization for the state.
“The 2021 budget aims to continue this actualization process fully cognizant of the new reality that Covid-19 pandemic, with decreased wages and harsh economic tail wind has presented to the world. The 2021 Budget is therefore christened “Budget of Economic Reconstruction.
” It is our earnest belief that at the end of the Budget Year, the State will have moved very close to actualizing the dreams and aspirations of this Administration, which is to transform this State from a “Civil Service” State to an industrialized one”.
The governor noted that the 2021 sectoral allocation would give preference to the educational sector, pleading with the House to continue to work in one accord with the executive in achieving democratic dividend for the people of the state.
“So we can continue to, in one accord and in unison move our State forward and prove to everyone that government can indeed be a force for good and not a force for ill, so help us God!”.