Akwa Ibom gov presents N582 billion budget estimates for 2022

The Akwa Ibom State Government plans to spend a total of N582.115 billion for the 2022 fiscal year, Udom Emmanuel, the governor, has declared.

The governor, who stated this while presenting the 2022 financial estimates to the legislature in Uyo, the state capital, on Monday said the 2022 Budget is prepared in accordance with International Public Accounting standard (IPSAS) Accrual template, and is intended to roll out a manageable budget size that will help in closing the gap between the budgeted figures and the actual figures.

The proposed 2022 budget is made up of a N260.151 billion Recurrent Expenditure, N321.964 billion Capital Expenditure, while the budget is predicated on an oil benchmark of $57 per barrel at a production rate of 1.88 million barrels per day with an estimated exchange rate of N410.15/US$.

“The total projected Recurrent Revenue for 2022 estimated at N273.854 billion as against the approved revised provision of N260.003 billion representing 5% increase in revenue projection for the year 2022,” he said.

“The total Capital Receipts and Expenditure for the year 2022 is estimated at N321.964 billion as against the approved revised provision of N344.873 billion for 2021.”

A total projected capital receipts shows that N13.703 billion will be transferred from the Consolidated Revenue Fund, while the balance of N308.261 billion.

“A sectoral allocation of the total budget outlay of N582.115 billion for the year 2022 shows that, administration gets N132.565Bn( 22.8%), Economic sector is to get N347.349BN (59.7%), Law and Justice- N10.378BN,(1.8%), Regional Sector to N1.991BN (0.3%), Social Sector for N89.832BN(15.4%).

This, the governor said was in line with the National Budget benchmark projections.

According to Emmanuel, the focal point would be on the implementation of his 8-Point Completion Agenda of Industrialization, Education, Aviation Development, Rural and Riverine Area Development, Agriculture, Small and Medium Scale Enterprises, Infrastructural Expansion and Consolidation, Security and Human Capacity Development.

“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,” he said.

The governor noted that the main policy thrust of the budget is to create more job opportunities with a 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.