Akwa Ibom state government has announced a budgetary estimate of N426 billion for the 2016 fiscal year.
The budget as presented by Governor Udom Emmanuel to the state Assembly in Uyo on Tuesday is N58 billion less than the 2015 estimate of N484 billion.
The decline in the size of the budget is predicated on Federal Government’s $38 per barrel at two million barrels per day production rate, according to Emmanuel, was in line with dwindling crude oil prices.
A breakdown of the Budget showed that Recurrent Expenditure is fixed at N92.96 billion with capital expenditure at N245 billion, while Consolidated Revenue Charges account for N88 billion.
The revenue projection also showed that N35 billion would be realised from Internally Generated Revenue, N35 billion from Statutory Allocation, N200 billion from Derivation, N12 billion from VAT and N2.39 billion coming from retained earnings from parastatals.
Sectoral allocation showed that General Administration would gulp N66.8 billion while the Economic, Law and Justice and Social Sectors getting N145.6 billion, N4.27 billion and N25 billion respectively with Regional Sector gulping N2.1 billion.
The Governor who said that the 2015 budget underperformed as only N150 billion was realised as at September as against expenditure estimate of N484 billion said the budget would lay a superior foundation for the socio economic and cultural development of the state.
“My desire is to achieve more than previous administrations since the state was created” he said.
House Speaker, Barr. Onofiok Luke had earlier assured the Governor of their support towards revamping the economy of the state and pledged that the House would also ensure a speedy passage of the budget.

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