Akwa Ibom state governor, Udom Emmanuel on Monday evening presented a total estimate of N582.12B for the 2022 fiscal year to the State House of Assembly for consideration and passage.
According to Emmanuel, the estimate is N16b less than the revised estimate of N598B for the 2021 fiscal year and is made up of N260.15b for recurrent expenditure and N321.96b for capital expenditure.
The 2022 estimate is against N254b for recurrent expenditure and N354b for capital expenditure for 2021.
According to the Governor, the budget is predicated on an oil benchmark of $57 per barrel at a production rate of 1.88 million barrels per day with an estimated exchange rate of ₦410.15/US$, in line with the National Budget benchmark projections.
The Recurrent Expenditure is made up of ₦70.58b for Personnel Cost, ₦117.67b as Overhead Cost, N20.50b for Social contribution and Benefit -₦1.20B for Grant, Contribution & Subsidies and N50.20b for Public Debt Service.
The total projected Capital Receipts showed that N13.703 billion would be transferred from the Consolidated Revenue Fund, while the balance of N308.261 billion is to be realized from opening balance from the 2021 account of- ₦26.000 billion and Direct Credit Substitute/Receivable Discounting facility amounting to ₦60b.
Others include External Bank Loan of ₦3.990 billion, Grants amounting to ₦24.168 billion, N25b from Ecological Fund, N15b from reimbursement from Federal Govt. on Roads, an Investment Income of ₦0.200 billion, N15b from exceptional Income, one billion from Stabilization Account and Refunds from Federal Govt/Federation Account amounting to ₦137.90b
He stated further that the focal point would be on the implementation of his 8-Point Completion Agenda of Industrialization, Education, Aviation Development, Rural, and Riverine Area Development, Agriculture, Small and Medium Scale Enterprises, Infrastructural Expansion, and Consolidation, Security and Human Capacity Development.
“The 2022 Budget is christened the “Budget of Re-defining Standards”. Our intention here is to take stock of our achievements in the past six and half years and consolidate the gains of our achievements thus far, for sustainable expansion and growth,” he said.
The governor listed his administration achievements to include the establishment of more than 20 viable industries in the State, Completion and successful commissioning of the 21-Storey Dakkada Tower, the inauguration of Ikot Oku Ikono one-kilometer flyover, completion and successful commissioning of the Uyo-Ikot Ekpene Road, among others.
He re-emphasized that the Policy Objectives of the 2022 Budget includes; stimulation of the state’s economy with a view to creating more opportunities for gainful employment of our citizens through Industrialization and Agriculture, Economic growth, and job-generating.
The Governor also said that the budget shall focus on infrastructural investments in roads, bridges, Renewable Energy and communication technologies, Promotion of Small and Medium Scale Enterprises (SMEs) as well as enhancement of local capacities in manufacturing and use of “made in Akwa Ibom” goods and services to create jobs and achieve self-sufficiency in critical sectors of the State’s economy, among others.
“Other specific objectives include; to employ ICT, Science, and Technology as a tool for employment generation and wealth creation, to increase the Internally Generated Revenue (IGR) of the State by expanding and diversifying the State’s resource base, to aggressively pursue the development of other internal revenue-generating sources in the State, in Maritime, Coastal, and Inland Water Ways, harnessing revenue on landed properties and others, to commence the construction of Ibom Deep Seaport and development of the Ibom Industrial City to complement Government efforts in the creation of enduring structures for employment generation, among others.
The sectoral allocation showed that General Administration would gulp N132.57B, N 347.35b for economic sector, N10.38b for Law and Justice while Regional and social sectors would gulp N 1.99b and N89.83b respectively.
He commended the House for their passion, commitment, and tireless efforts in approving the 2022-2024 Medium Term Expenditure Framework (MTEF) the Fiscal Strategy Paper (FSP), and the passage of the 2021 Revised (Supplementary) Appropriation Bill in response to exigencies
The Speaker, Mr Aniekan Bassey, had assured the Governor of a speedy examination and passage of the estimates in line with their commitment towards sustaining a robust economy for the state.