Governor of Akwa Ibom State, Pastor Umo Eno on Tuesday November 21, proposed estimated budget of N845.63 billion for the 2024 financial year to the State House of Assembly.
This was as against the revised provision of ₦850.00 billion of 2023 budget.
The 2024 financial appropriation estimate comprised of Recurrent Expenditure oflp N352.92 billion and Capital Expenditure of N492.72 billion.
Eno said that the total projected recurrent revenue for 2024 is estimated at ₦561.00 billion as against the approved revised provision of ₦540.850 billiol representing 3.7 per cent increase in revenue projection for the year 2024.
He said that the 2024 Budget, which is christened “ARISE Budget for Growth and Expansion” is predicated on an oil benchmark of $73.96 per barrel at a production rate of 1.78 million barrels per day with an estimated exchange rate of ₦700 /US$.
He said that the total Capital Receipts and Expenditure for the year 2024 is estimated at N492.715 billion as against the approved revised provision of N455.685 billion for 2023.
He added that a total projected Capital Receipts shows that N208.083 billion will be transferred from the Consolidated Revenue Fund.
“To realize the year 2024 Budget objectives, the following strategies shall be adopted by the State Government; Partner with foreign investors to invest in the relevant and key sectors of the State economy and undertake robust human capital development.
“Widen the industrial base of the State through rapid industrialisation and investment activities by providing enabling environment for the private sector to thrive.
“This is to enhance the availability of goods and services for domestic use as well as for export.
“Achieving at least 10 per cent increase in IGR by eliminating evasion in payment, wastage and leakages in collection and expenditure and developing tourism potentials.”
Eno added that the 2024 budget would stimulate the Agricultural and Agro-allied industries to boost production of local farmers to ensure food sufficiency for local consumption, exports as well as the provision of raw materials for the industries.
He said the budget will expand and maintain infrastructure and services in Health-Care Delivery- Primary and Secondary levels and to safeguard the State against any further public health emergencies after COVID-19 pandemic.
