Governor Udom Emmanuel of Akwa Ibom State has presented a total budget estimate of N582.1bn for the 2022 fiscal year, to the state House of Assembly.
This is against the approved revised provision of N598.975 for the 2021 fiscal year, representing a decrease from the 2021 revised budget.
A breakdown of the budget estimate indicates that Capital Expenditure will gulp a total of N321.964billion, while the sum of N260.151billion is estimated for recurrent Expenditure
Christened ” Budget of re-defining standards” the 2022 Budget is predicated on an oil benchmark of $57 per barrel at a production rate of 1.88 million barrels per day with an estimated exchange rate of ₦410.15/US$, in line with the National Budget benchmark projections.
“Government has proposed a total budgetary outlay of N582.115 billion for the 2022 Financial Year as against the approved revised provision of N598.975 of 2021 representing a decrease from the 2021 revised budget.
“This is made up of:Recurrent Expenditure N260.151 billion, Capital Expenditure, ₦321.964 billion, Total N582.115 billion.
“Mr. Speaker and Honourable Members, the 2021 Budget was named the “Budget of Economic Reconstruction” because it was tailored to bring the economy out of COVID-19 induced depression which brought about decreased Wages, low Productivity, and general economic downturn.
“Mr. Speaker, the 2022 Budget is christened the “Budget of Re-defining Standards”. Our intention here is to take stock of our achievements in the past six and half years and consolidate the gains of our achievements thus far, for sustainable expansion and growth.
“Mr. Speaker, the policy thrust of the 2022 Budget will focus on the 8-Point Completion Agenda and these include: Industrialization, Education, Aviation Development, Rural and Riverine Area Development, Agriculture, Small and Medium Scale Enterprises, Infrastructure Expansion and Consolidation, Security and Human Capacity Development.
“This comprehensive Economic Agenda cut across all aspects of Sustainable Development Goals (SDGs). We intend to achieve a sizeable number of the SDGs targets as we implement the 2022 budget. The main thrust, however of the 2022 Budget is t to create more jobs for our people” Governor Emmanuel said
Governor Emmanuel also used the occasion to mention that the State inflation figure was below the national average, stressing, “This is due to the State Government’s persistent intervention measures in the agriculture subsector to halt and reverse the rising cost of food commodities in Akwa Ibom State.”
The Speaker, Akwa Ibom State House of Assembly, Mr. Aniekan Bassey, in his remarks appreciated the governor for the encouraging performance of the 2021 budget, especially in the areas of Internally Generated Revenue and infrastructural development.
The Speaker said he was optimistic that the 2022 budget would perform even better, but however appealed to the governor to give assent to the life- touching bills already passed by the 7th Assembly.
The House had just before the presentation of the budget estimate passed a resolution, authorizing the governor to accept a finance facility of N18.74bn from the Federal Government.