[FILES] Cross River Governor Udom Emmanuel
Akwa Ibom State Governor, Udom Emmanuel, has proposed a budget of N435.652 billion for the 2021 fiscal year, N69.65 billion more than the 2020 edition.
The budget consists of N158.4 billion recurrent expenditure, N226.964 billion capital expenditure and N50.26 billion consolidated revenue charge.
Projected recurrent revenue for 2021 is estimated at N255.003 billion, against the N203.556 billion provided approved for in 2020.
Presenting the proposal yesterday to the House of Assembly Speaker, Aniekan Bassey, the governor noted that the budget was based on an oil benchmark of $40 per barrel at a production rate of 1.86 million barrels per day, with an estimated exchange rate of N379 per the United States dollar, in line with the national budget benchmark projections.
According to him, the budget is aimed at continuing the actualisation of rapid industrialisation for the state.
“The 2021 budget aims to continue this actualisation process, fully cognisant of the new reality that the coronavirus disease (COVID-19), with decreased wages and a harsh economic tailwind, has presented to the world.
“Christened ‘Budget of Economic Reconstruction’, it is our earnest belief that at the end of the budget year, the state will have moved very close to actualising the dreams and aspirations of this administration, which is to transform this state from a civil service state to an industrialised one.
The governor noted that the 2021 sectoral allocation would give preference to the education sector, pleading with the house to continue working with the executive to bringing democratic dividends to the people. “So, we can continue to, in one accord, move our state forward and prove to everyone that government can indeed be a force for good and not for ill; so help us, God,” he added.