Gov. Emmanuel proposes N598bn for 2020 budget

Akwa Ibom State Governor, Udom Emmanuel, on Tuesday presented the state’s 2020 budget proposal before the state House of Assembly for consideration.
He presented a budget outlay of N597.8 billion for the 2020 fiscal year, as against the N672.985 billion approved for 2019.

The 2020 budget comprised N111.225billion for Recurrent Expenditure, N369.642 billion for Capital Expenditure and N116.933billion as Consolidated Revenue fund charges.

The total projected recurrent revenue for 2020 budget is estimated at N381.556billion as against N374.758billion for 2019.

READ ALSO: President Buhari presents 2020 budget of N10.729 trn

During the budget presentation, Emmanuel said the 2020 budget christened “the budget of Industrialization for Poverty Alleviation phase 11” was designed as a key milestone in actualizing his administration’s completion agenda.

He noted that the 2020 budget was predicated on an oil benchmark of $55 per barrel at a production rate of N2.18 million barrels per day, with an estimated exchange rate of N305/$ in line with the National budget benchmark projections.

The governor said: “Mr. Speaker and honourable members, considering the fact that my completion agenda is predicated primarily on the rapid industrialization of this state, we have christened the 2020 budget ‘The budget of Industrialization for Poverty Alleviation phase 11.’
“It was so named because the state had started witnessing major breakthroughs in industrialization through construction and commissioning of some industries that are currently in full operations 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.

“The 2020 budget is predicated on the eight-point agenda that forms the policy thrust of my completion agenda of industrialization, aviation development, security, infrastructure, Small and Medium Scale Enterprises, human capacity development, agriculture, and rural and riverine area development.”

He appealed to the House for speedy approval of the 2020 budget proposal, and support for its implementation, adding “we promise to faithfully implement the provisions of the budget for the general good and well-being of our people.”

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