Gov Emmanuel Presents 697.005 Billion Budget Estimate For 2023 To Akwa Ibom Assembly

The Evangelist
November 8, 2022
By Solomon OKPO

The Governor of Akwa Ibom State, Mr Udom Emmanuel, on Monday, November 7, presented a proposed budget of N697.005 Billion to the state House of Assembly for the 2023 fiscal year.

The budget christened ‘Budget of Completion’ is against the approved revised provision of N631.881 of 2022, representing an increase of 10% from the 2022 revised budget.

He said the 2023 Budget is predicated on an oil benchmark of $70 per barrel at a production rate of 1.69 million barrels per day with an estimated exchange rate of N435.57/USS.

The governor explained that the budget, prepared in accordance with International Public Sector Accounting Standards (IPSAS) Accrual template, was estimated at a total of N344 005 billion as Recurrent Expenditure while N353.000 billion would go into Capital Expenditure.

He further explained that the total projected Recurrent Revenue would be N390 850 billion as against the approved revised provision of N303 854 billion, representing 29% increase in revenue projection for the year 2023.

Governor Emmanuel said the policy thrust for the 2023 Budget will focus on consolidating the gains of the 8-Point Completion Agenda which include: Industrialization, Education, Aviation Development, Rural and Riverine Area Development, Agriculture, Small and Medium Scale Enterprises, Infrastructure Expansion and Consolidation. Security and Human Capacity Development.

Part of the speech read, “Government has proposed a total budgetary outlay of N 697.005 billion for the 2023 Financial Year as against the approved revised provision of N631.881 of 2022 representing an increase of 10% from the 2022 revised budget”.

The governor put the breakdown of the budget as follows: Internally Generated Revenue (IGR)- N47.850 billion, Statutory Revenue – N51.000 billion, Derivation Revenue – N200.000 billion,

Exchange Gain- N40.000 billion, Excess Crude- N10,000 billion, Electronic Money Transfer – N12.000 billion, Value Added Tax- – N30,000 billion, total – N390, 850billion.

Responding, the Speaker of the House of Assembly, Aniekan Bassey, said the lawmakers would quicken the consideration process to ensure speedy passage of the 2023 budget estimate.

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