The Akwa Ibom State Governor, Udom Emmanuel, on Monday presented the 2022 budget proposal of N582.115 billion to the state House of Assembly.
This was N16.86 billion lower than the 2021 budget.
The governor said the sum of N260.15 billion was set aside as recurrent expenditure and N321.96 billion for capital expenditure in the budget.
According to him, the total projected recurrent revenue for 2022 was estimated at N273.85 compared to N260 billion approved for this year.
He said the preparation of the budget was guided by the International Public Sector Accounting Standard (IPSAS).
Emmanuel said: “The 2022 budget was 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 to the dollar in line with the National Budget benchmark projections.
“The budget will focus on the eight-Point Completion Agenda to 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. The 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 to create more jobs for our teeming youths.
“The objectives of the 2022 budget were to stimulate the state’s economy with a view to creating more opportunities for gainful employment of our citizens through industrialization and agriculture.”
In his remarks, Speaker of the Assembly, Aniekan Bassey, assured the governor that the lawmakers would ensure speedy passage of the budget.
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