Akwa Ibom gov presents N598b budget for 2020 to Assembly

Akwa Ibom State Governor Udom Emmanuel has presented a budget estimate of N 597.8 billion for the 2020 fiscal year to the House of Assembly.

Recurrent expenditure will get N111.225 billion of the sum, while capital expenditure gets N369.642 billion. Consolidated Revenue fund charges will gulp N116.933 billion.

The total projected recurrent revenue for 2020 is estimated at N381.556 billion as against the approved provision of N374.758 billion in 2019.

Presenting the budget yesterday, the governor said the 2020 budget christened ‘The Budget of Industrialisation for Poverty Alleviation Phase II’ was designed as a key milestone to actualise his administration’s Completion Agenda.

He noted that the estimate was predicated on oil benchmark of $55 per barrel at a production rate of N2.18 million barrels per day, with exchange rate of N305 for one United States dollar, in line with the national budget benchmark projections.

While presenting the budget, he said, “Mr. Speaker and honourable members, considering the fact that my Completion Agenda is predicated primarily on the rapid industrialisation of this state, we have christened the 2020 budget ‘The Budget of Industrialisation for Poverty Alleviation Phase II’.

“It was so named because the state had started witnessing major breakthroughs in industrialisation through construction and commissioning of some industries that are currently in full operation or ongoing.

“The 2020 budget aims to support areas that will deliver inclusive growth and massive employment opportunities such as the construction of the Ibom Deep Seaport, completion of airport projects, purchase of more airplanes and competition of the 21-storey Intelligent building, among others.”

He further said that the 2020 budget was predicated on “the Eight-Point Agenda that forms the policy thrust of my Completion Agenda of Industrialisation, Aviation Development, Security, Infrastructure, Small and Medium Scale Enterprises, Human Capacity Development, Agriculture, as well as Rural and Riverine Area Development.”

Governor Emmanuel expressed the belief that the full implementation of the provisions of the budget would make the state a society that is self-reliant and less-dependent on statutory allocation from the centre.

He appealed to the house for speedy approval of the budget proposal, and support for its implementation, adding, “We promise to faithfully implement the provisions of the budget for the general good of our people.”

The Speaker, Mr. Aniekan Bassey, assured the governor that the house would ensure speedy approval of the budget proposal to enable him achieve his Completion Agenda.

He, however, charged the various Ministries, Departments and Agencies (MDAs) to provide the necessary supporting budget data and stick to the timetable that will be announced by the house for their appearance.

On his part, the leader of the house, Udo Akpan, said the governor had been able to bring about accountability in governance and promised that he and his colleagues would continue to support his efforts in service.

Highlight of the budget showed that roads and transport got N115 billion; education N11 billion; agriculture N12 billion; land, housing and urban development N53 billion; investment, culture and industry N6 billion; and health N4 billion.