Governor Udom Emmanuel of Akwa Ibom State has on Friday in Uyo presented a total budget outlay of N651 billion for the 2018 fiscal year.
The budget proposal which is N166bn higher than the 2017 estimate of N485b and presented by Emmanuel to the state House of Assembly is made up of a recurrent expenditure of N92.70bn, a capital expenditure outlay of N437bn and a consolidated revenue fund of N120.55bn.
The Governor who described the budget as that of consolidation and industrialization said the estimate is built on the IPSAS budget structure and is predicated on an oil benchmark of $45 per barrel at 2.3 million barrels per day at an exchange rate of N305 for $1.
A breakdown of the revenue shows that N35bn would be realized from Internally Generated Revenue sources with Statutory Allocation accounting for N25bn of the revenue and Derivation bringing in a lump sum of N200bn with budget support accounting for N13.2bn.
Earnings from statutory corporations would account for N2.8bn of the revenue with Value Added Tax providing N2bn.
The capital expenditure would be funded by an opening balance of N10bn with loans accounting for N105bn and grants bringing in N120bn.
Ecological funds would attract N26.5bn, refunds from the Federal Government accounting for N65bn, investment income would account for N1bn, refunds from excess loan deduction while transfer from consolidated revenue fund charges would provide N75bn of capital receipts.
A further breakdown shows that the economic sector would gulp N355.85bn representing 81% of the budget while general administration was allocated N48.3bn with Law and Justice, Social and Regional sectors receiving N3.8bn, N28.13bn and N1.5bn respectively.
He also said that he would adopt a strong fiscal measures aimed at eliminating wastages, consolidation on the gains of industrial development , increase the viability of the state maritime and airspace sectors, sustain adequate food supply and build an efficient public service.
House Speaker Barr Oniofok Luke had earlier while welcoming Emmanuel commended him for the support he has continued to give the House and assured him of early passage of the appropriation bill.
