DENNIS UDOMA, Uyo
Akwa Ibom State Government, Tuesday, presented an appropriation bill of N426 billion for 2016 fiscal year to the state’s House of Assembly for approval.
Performing the presentation to the House, State Governor Udom Emmanuel, said the budget estimate shows a N92.96 billion recurrent expenditure, N245 billion for capital expenditure while N88.04 billion is for consolidated revenue.
The total projected recurrent revenue for 2016 the Governor said, is estimated at N284.67bn as against N408bn for the out-gone year 2015.
According to Emmanuel: “Government has proposed a total budgetary outlay of N426 billion for the 2016 financial year as against N484 billion for 2015” adding that, the policy framework of 2016 budget is to facilitate actualization of economic power based of the state through industrialization and sustainable public private sector (PPS).
“The budget would also be based on the creation and maintenance of a conducive and enabling environment, where tenets of democratic governance would thrive and dividends of democracy dispensed for the betterment of all”, Governor Emmanuel maintained noting that, highlights of the budget would be on oil bench mark of $30 per barrel at a production rate of 2 million barrels per day.
Meanwhile, the Governor tagged the appropriation bill as “Budget of Sustainable Development” and sought the House cooperation for the passage of the bill.
Speaker of the Akwa Ibom State House of Assembly, Rt. (Hon.) Onofiok Luke who was sworn-in Monday, assured the governor of the House’s cooperation in the speedy passage of the bill.
