On Tuesday, Governor Umo Eno of Akwa Ibom State presented to the State House of Assembly a proposed budget expenditure of N845.63 billion for the fiscal year 2024.
The 2024 financial allocation estimate includes N352.92 billion in recurrent expenditures and N492.72 billion in capital expenditures.
Eno stated that the total predicted recurrent revenue for 2024 is N561 billion, up from the approved amended provision of N540.850 billion, reflecting a 3.7% increase in revenue projection for the year 2024.
He stated that the 2024 budget, entitled the “ARISE Budget for Growth and Expansion,” is based on an oil benchmark of $73.96 per barrel, a production rate of 1.78 million barrels per day, and an expected exchange rate of N700 per US dollar.
He assessed total capital receipts and expenditures for 2024 at N492.715 billion, compared to the authorized amended provision of N455.685 billion for 2023.
He also stated that N208.083 billion in total estimated capital receipts 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.