Governor Umo Eno of Akwa Ibom State presented a proposed budget outlay of N845.63 billion for the 2024 financial year to the State House of Assembly on Tuesday.
The 2024 financial appropriation estimate is comprised of recurrent expenditures of N352.92 billion and capital expenditures of N492.72 billion.
Eno said that the total projected recurrent revenue for 2024 is estimated at N561 billion as against the approved revised provision of N540.850 billion, representing a 3.7 per cent increase in revenue projection for the year 2024.
He said that the 2024 budget, dubbed the “ARISE Budget for Growth and Expansion,” is predicated on an oil benchmark of $73.96 per barrel at a production rate of 1.78 million barrels per day with an estimated exchange rate of N700 per US$.
The total capital receipts and expenditures for the year 2024, he said, are estimated at N492.715 billion, as against the approved revised provision of N455.685 billion for 2023.
He added that a total projected capital receipt shows that N208.083 billion will be transferred from the Consolidated Revenue Fund.
According to him: “To realise the 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 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 per cent increase in IGR by eliminating evasion in payment, wastage, and leakages in collection and expenditure and developing tourism potential.”
Eno added that the 2024 budget would stimulate the agricultural and agro-allied industries to boost the production of local farmers and ensure food sufficiency for local consumption and export, as well as the provision of raw materials for the industries.
He said the budget will expand and maintain infrastructure and services in healthcare delivery at primary and secondary levels and safeguard the state against any further public health emergencies after the COVID-19 pandemic.
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