Akwa Ibom Presents N651.5b Budget for 2018

By Dipo Olowookere

A total of N651.50 billion has been proposed to be used to run the affairs of Akwa Ibom State in 2018 by Governor Udom Emmanuel.

Governor Emmanuel, who presented his 2018 budget proposal to the Akwa Ibom State House of Assembly on Friday, disclosed that N92.69 billion has been earmarked for recurrent expenditure, while N437.67 billion is for capital expenditure, and N120.86 billion is allotted for consolidated revenue.

A breakdown of the budget showed that road networks and transport got the lion share of N211.42 billion, education has N10.53 billion while N17.91 billion has been allocated to agriculture in 2018 budget estimate.

Tagged the ‘Budget of Consolidation and Industrialisation,’ the Governor noted that the oil benchmark is pegged at $45 per barrel at a production rate of 2.3 million barrels per day, pointing out that the proposal was prepared in accordance with the International Public Sector Accounting Standard (IPSAS).

The policy framework of 2018 budget, according to Governor Emmanuel, is predicated on developmental objectives and catalysts, outlined in the state medium term plan document would be strictly adhered to in pursuing transformation agenda.

He said the 2018 policy framework would be to ensure accountability and transparency in government by fighting and tackling corruption in all facets of state administration.

The 2018 budget thrust would also focus on promotion of trade, commerce and tourism between Akwa Ibom, the country and the rest of the world.

According to him, the budget would also be geared towards the creation and maintenance of a conducive and enabling environment where tenet of democratic governance would thrive and dividends of democracy dispensed for the betterment of all.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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