Akwa Ibom State Governor Udom Emmanuel yesterday presented a budget estimate of N435.65 billion to the state House of Assembly for the 2021 fiscal year.
The budget, which is N69.65 billion more than the N366 billion revised budget of 2020, is made up of N158.40 billion recurrent expenditure, N226.96 billion capital expenditure and a consolidated revenue charge of N50.26 billion.
The total projected Recurrent Revenue for 2021 is estimated at N255.003 billion as against the approved revised appropriation of N203.556 billion for 2020.
A breakdown of the revenue showed that N36.30 billion would come from Internally Generated Revenue (IGR), N36 billion from Statutory Allocation, N140 billion from Derivation Fund, N25 billion from Excess Crude, Exchange Gain Augmentation and Others, while N1.71 billion would be obtained from parastatals and N16 billion would come from Value Added Tax (VAT).
The Recurrent Expenditure, which is proposed at N208.688 billion, is made up of N56.54 billion for personnel cost; N101.86 billion for overhead costs including Social Benefits – Pension and Gratuity, and N50.29 billion for consolidated Revenue Fund Charges
The total Capital Receipts and Expenditure for the year 2021 is estimated at N226.964 billion as against the approved revised provision of N188.942 billion for 2020.
A total projected capital receipts showed that N46.315 billionwillbetransferredfrom theconsolidatedrevenuefund, while the balance of N180.649 billion is to be realised from Opening Balance from the 2020 account of N27 billion, and Internal Bank Loan of N40.04 billion.
It would also include Grants of N 34 billion, Ecological Fund made up of N2 billion, Reimbursement from Federal Government on road and other infrastructure made up of N15 billion, Investment Income of N500 million and other exceptional Income of N61.5billion and Stabilization Account of N1 billion.
The sectoral allocation of the total budget showed that General Administration would gulp N100.02 billion; Economic sector to take N267.56 billion, Law and Justice will receive N9.42 billion.