The Speaker of Akwa Ibom State House of Assembly, Rt Hon. (Elder) Udeme Otong in a special legislative session today received the 2024 budget from the Chief Executive and Governor of Akwa Ibom State, His Excellency, Pastor Umo Eno at the hallowed Chamber, Assembly complex, Uyo.
The Budget tagged “ARISE BUDGET OF GROWTH AND EXPANSION” is said to be predicted 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 $ in line with the National Budget benchmark projections.
According to Gov. Umo Eno, the government has proposed a total budgetary outlay of #845.632billion for the 2024 financial year as against the approved revised provision of #850.000 of 2023 representing a decrease of 0.5% from the 2023 revised budget. It is therefore made up of Recurrent Expenditure of #352.917billion, capital Expenditure of #492.715 billion making the total sum of #845.632 billion
According to Governor Eno, the State government Revenue Estimate is the total projected Recurrent Revenue for 2024 is estimated at ₦561.000 billion as against the approved revised provision of ₦540.850 billion representing a 3.7% increase in revenue projection for the year 2024.
The breakdown is as follows:
Internally Generated Revenue (IGR) ₦60.000 billion, Statutory Revenue ₦55.000 billion, Derivation Revenue ₦280.000 billion, 13% Derivative Revenue Arrears ₦51,000 billion, Exchange Gain, Augmentation and others ₦60.000 billion,
Excess Crude ₦10.000 billion, Value Added Tax (VAT) ₦45.000 billion, Total = ₦561,000 billion.
In recurrent Expenditure, the Chief Executive stated that the 2024 Fiscal Year, Recurrent Expenditure which is proposed at ₦352.737 billion is made up of Personnel Cost ₦85.431 billion, Overhead Cost ₦141.286 billion, Social contribution and benefit (Pension and gratuity) ₦41.500 billion, Grant, Contribution & Subsidies ₦1.500 billion, Others ₦83.200 billion.
Total Recurrent Expenditure = ₦352.917 billion
In capital Expenditure, Gov. Umo opined 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. A total projected Capital Receipts shows that N208.083 billion will be transferred from the Consolidated Revenue Fund, while the balance of N284.632 billion is to be realized as follows
Opening Balance from 2023 account ₦60.000 billion, Direct Credit Substitute/Receivable Discounting Facility/Internal Loan ₦164.632 billion, External Bank Loan ₦20.000 billion, Grants ₦21.000 billion, Ecological Fund ₦5.000 billion, Reimbursement from Federal Govt. on Roads ₦2.000 billion, Other exceptional Income ₦10.000 billion, Stabilization Account ₦2.000 billion,
Total =₦492.715 billion
Accordingly, the sectoral allocation of the total budget outlay of N845.632billion for the year 2024 is presented as thus, Administration 174.448
20.6, Economic 538.881,63.7,
Law and Justice 15.780 1.9,
Regional 0.449 0.1, Social 116.074 13.7 Total 845.632 100.00
On the Implementation Strategies, the Governor outlined how it will be achieved as follows,
The State will 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 industrialization and investment activities by providing an 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 a 10% increase in IGR by eliminating evasion in payment, wastages and leakages in collection and expenditure and developing tourism potentials.
~Stimulate the Agricultural and Agro-allied industries to boost the production of local farmers to ensure food sufficiency for local consumption, exports as well as the provision of raw materials for the industries.
~ Expand and maintain infrastructure and services in health delivery at Primary and Secondary levels and to safeguard the State against any further public health emergencies after the COVID-19 pandemic.
~Improve service delivery in the Education sector, with emphasis on culturally, morally and technologically based education.
~Continue to empower women and youth through capacity building, empowerment, skill acquisition and elimination of gender discrimination practices.
~Enhance delivery of qualitative and prompt service by public servants, through effective intra and inter-collaboration by digitizing operations
~Provide recreational and sporting facilities to increase life expectancy, boost sports development and ensure improved performance of the State representatives at Local, National and International sporting competitions.
~ Strengthen the performance monitoring mechanism with the central coordinating unit at the Ministry of Economic Development.
~Improve fiscal transparency and accountability in all MDAs with emphasis on cost-effectiveness in all programs and projects of government.
~ Adopt the principles of cost minimization and waste reduction in all government expenditures.
~ Promotion of cultural and sports tourism to earn more foreign exchange for Akwa Ibom State.
Speaker Otong commended the chief Executive for performing his constitutional duties for the growth of the state and citizens and also appreciated other members of State Exco and stakeholders for their synergy in making a better Akwa Ibom.
Press Unit,
Office of the Speaker, AKHA.
211123
