Edet Ikotidem
Akwa Ibom State Government is proposing to spend a total of eight hundred and forty-five point six, two, two billion naira in the running of government business for the 2024 fiscal year.
Christened “The Arise Budget for Growth and Expansion”, the Recurrent Expenditure is estimated at Three Hundred and Fifty – two billion naira while Capital Expenditure is estimated to gulp Four hundred and ninety- two billion naira, bringing the total budgetary outlay to #845.622 billion naira.
Governor Umo Eno made this known today when he presented the 2024 budget to the State House of Assembly for onward legislative scrutiny and subsequent passage.
State Government to Spend N845.622b in 2024
Addressing the legislators and other stakeholders at the Assembly Complex, the Governor carefully outlined his strides so far in Agriculture with the commencement of the Songhai model farm, Education with the near completion of the model primary school, Health with the construction of model health centers and infrastructure with ongoing one project per local government area, saying that the 2024 estimates would focus on the five critical pillars of development as captured in the Arise Agenda blueprint of his administration.
Giving a breakdown of the 2024 estimates, Governor Eno indicated that administration would gulp 174 billion naira, Economic sector, 538 billion naira, Law and Justice, 15 billion naira, Regional sector has an estimated sum of 0.449 billion while Social sector is allocated an estimate of 116 billion naira.
According to Governor Eno, the 2024 budget is predicated on an oil benchmark of seventy – three point nine, six dollars ($73.96) per barrel at the production rate of one point seven million (1.7) barrels per day at an estimated exchange rate of seven hundred naira (#700) to one dollar, a projection which, he noted, aligns with the national budget benchmark.
He proposed to adopt the principle of cost minimization and waste reduction in all government dealings as well as robust partnership with foreign investors among other implementation strategies for the realization of the 2024 budget.
Also read: Senate President Reiterates Commitment for Peace in Akwa Ibom Nigeria
Being the first budget presentation by Governor Umo Eno since his assumption of office in May this year, the State’s Chief Executive paid tributes to past civilian governors, including Obong Victor Attah, Senator Godswill Akpabio, Mr Udom Emmanuel and Akwa Ibom people in general who gave him the mandate to serve in the capacity he is serving the state.
He thanked the eighth Assembly for the collaborations so far, even as he expressed optimism for timely passage.
The Speaker, Akwa Ibom State House of Assembly, Elder Udeme Ottong commended Governor Umo Eno for his strides and tasked Ministries, Departments and Agencies, MDAs to furnish the relevant House Committee with the necessary document that would aid speedy passage of the 2024 Appropriation Bill now before the House of Assembly.
The budget presentation was witnessed by the Deputy Governor, Senator Akon Eyakenyi, Secretary to State Government, Prince Enobong Uwah and other members of the state executive council.
