New Telegraph

A’Ibom: Governor proposes N582.1bn budget for 2022

The Governor of Akwa Ibom State, Mr. Udom Emmanuel, has proposed a total budgetary estimate of N582.115 billion for the 2022 fiscal year. Presenting the budget estimates to the state House of Assembly yesterday in Uyo, the state capital, Governor Emmanuel explained that the 2022 Budget was prepared in accordance with International Public Accounting Standard (IPSAS) Accrual template, saying it is intended to roll out a manageable budget size that would help in closing the gap between the budgeted figures and the actual figures.

Giving the budget break down, the governor noted that the N582.115 billion 2022 budget, is made up of N260.151 billion for Recurrent Expenditure; N321.964 billion for Capital Expenditure and a Recurrent Expenditure of N260.151 billion. The 2022 budget, the governor noted, was predicated on an oil benchmark of $57 per barrel at a production rate of 1.88 million barrels per day with an estimated exchange rate of N410.15/US$, even as he added it was in line with the National Budget benchmark projections.

Governor Emmanuel, however, stated that the focal point of the budget would be on the implementation of his administration’s Eight- Point Completion Agenda of Industrialisation, 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 stated.

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