Governor Udom presents N651.500 billion budget to state assembly

Governor Udom Emmanuel of Akwa Ibom State yesterday presented a total budget outlay of N651.500 billion for 2018 financial year to the state House of Assembly for

consideration.

This is against the approved revised budget of N485.792 billion of 2017.Christened ‘Budget of Consolidation on           Industrialisation’, Udom said the budget is predicated on oil benchmark of $45 per barrel at the production of 2.3 million barrel per day.

According to him, the budget is made up of recurrent expenditure of N92.697 billion, capital expenditure of N437.674 billion and consolidation revenue fund charges of N120.859 billion.

The total projected recurrent revenue for 2018 is estimated at N289.000 billion as against N118.500 billion of 2017, while recurrent expenditure sir 2018 is proposed at N213.826 billion.Capital expenditure for the 2018 is estimated at N437.674 billion as against the approved revised provision of N313.498 billion for 2017.

Ecological funds would attract N26.5bn, refunds from the Federal Government accounting for N65 billion, investment income would account for N1 billion, refunds from excess loan deduction while transfer from consolidated revenue fund charges is to provide N75 billion of capital receipts.

A further breakdown shows that the economic sector will gulp N355.85 billion, representing 81 per cent of the budget while general administration was allocated N48.3 billion with Law and Justice, Social and Regionalsectors receiving N3.8 billion, N28.13 billion and N1.5 billion respectively.

Udom explained that, like in previous years, the 2018 budget estimate is based on globally acclaimed method known as International Public Sector Accounting Standards [IPSAS], noting that the method promotes uniformity, accountability, transparency among others.

The policy thrust for the 2018 fiscal year Governor Udom stressed, would be predicated on actualization of economic power base of the state through industrialization and sustainable public-private sector initiative.

Udom appealed to the House members to expedite action in passing the 2018 budget as such would bring about early implementation of the budget for the provision of democratic dividend to the people of the state.

Receiving the document, the Speaker, Mr. Onofiok Luke assured the governor that the house would continue to cooperate with the executive for the betterment of the generality of Akwa Ibom people by ensuring that, the budget given the needed attention.