- The Akwa Ibom state government is already preparing for the year 2022 with a document predicated on an oil benchmark of $57 per barrel
- The document has also been christened “Budget of Re-defining Standards” by the state government
- Governor Udom Emmanuel presented the budget to the Akwa Ibom state House of Assembly on Monday, October 25
The governor who stated this while presenting the 2022 financial estimates to the legislature in Uyo on Monday, October 25 said, the 2022 Budget is prepared in accordance with International Public Accounting standard (IPSAS) accrual template.
He said it is intended to roll out a manageable budget size that will help in closing the gap between the budgeted figures and the actual figures.
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The proposed 2022 budget is made up of N260.151 billion recurrent expenditure, N321.964 billion capital expenditure, while the budget is predicated on an oil benchmark of $57 per barrel at a production rate of 1.88 million barrels per day with an estimated exchange rate of N410.15/US$.
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“The total projected Recurrent Revenue for 2022 estimated at N273.854 billion as against the approved revised provision of N260.003 billion representing a 5% increase in revenue projection for the year 2022.
“The total capital receipts and expenditure for the year 2022 is estimated at N321.964 billion as against the approved revised provision of N344.873 billion for 2021.”
According to Governor Emmanuel, the focal point would be on the implementation of his 8-Point Completion Agenda.
“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.”
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N30.67million to fuel Aso Rock generator, plant, N33.2million for new books
Meanwhile, more details from the 2022 proposed budget have shown that Nigeria would spend significantly to ensure that the seat of power does not experience any power outages.
Legit.ng's analysis of the 2022 appropriation bill proposal shows that out of the N16.39 trillion spending plan next year, N30.67 million will go into fueling statehouse generating set and plant.
Also, the cost of cooking gas will gulp N22.07 million in 2022, while a total of N66.49 million will be spent on the Aso Rock library.