Budget: Gov Emmanuel proposes N597,800billion as 2020 estimate
Business & Economy section is provided to you by Jiji.ng — #1 Nigerian online marketplace
Visit website

Budget: Gov Emmanuel proposes N597,800billion as 2020 estimate

- The Akwa Ibom 2020 budget has been presented to the state House of Assembly

- The budget placed emphasis on education, industrialization and poverty reduction

- The 2020 budget is however significantly lower than last year's budget which stood at N672,985billion

Akwa Ibom state governor, Mr Udom Emmanuel has presented a budget proposal to the state House of Assembly.

The budget presented to the legislature by the governor was N597, 800billion for the 2020 fiscal year.

The document placed emphasis on education, industrialization and poverty reduction.

Christened 'Budget of Industrialisation for poverty alleviation phase 2,' it is predicated on the policy thrust of the Udom administration, to gradually metamorphose Akwa Ibom's civil service status, to a largely private-sector driven state.

The government also aims to depend less on statutory allocation as the main source of revenue to the state.

“This will be achieved by creating more job opportunities through opening up the state to encourage private investments, creating a welcoming environment for investors, strengthening existing industries and establishing new ones, as well as improving our IGR processes and drive.

“It is expected that these, as well as the provision of basic infrastructures, enhancement of security, development of human capital and boosting services in education and healthcare will lead to an overall improvement in the living standard of our people,” the governor said.

An analysis of the budget estimate shows that capital expenditure takes the lead with N369, 642b, making about 61.8 % of the budget while recurrent expenditure is estimated to take N111,225b, making 18.6% while N116,933, making 19.5% has been estimated for consolidated revenue fund charges.

The 2020 budget is however significantly lower than last year's budget which stood at N672,985billion.

Governor Emmanuel explained that the shortfall is reflective of anchoring the budget on an oil benchmark of $55 per barrel at a production rate of N2.18 million barrels per day, and with an estimated exchange rate of 305/USS, in line with the national budget benchmark projection.

Meanwhile, Governor Emmanuel has said there was a need for the Akwa Ibom government to invest in the agricultural sector for sustainable development and wealth creation.

The governor made the comment while speaking at a two-day retreat on agricultural investments in the state capital, Uyo, on Monday, October 7.

According to him, 80% of what is consumed in Akwa Ibom, should be produced in the state because of its rich vegetation and favourable weather.

NAIJ.com (naija.ng) -> Legit.ng: Same great journalism, upgraded for better service!

Can Nigeria solve its power problems? Top engineers offer solutions | Legit TV

Source: Legit Newspaper

Mailfire view pixel