20 November 2012, Sweetcrude, UYO – Governor, Godswill Akpabio has formally presented a 2013 budget proposal of N533 billion to the Akwa Ibom State House of Assembly.
The budget christened “Budget of Industrialization and Consolidation” is predicated on oil benchmark of $75 per barrel at a production rate of 2.5 million barrels per day.
The projected recurrent revenue of N370.288 billion showed that N27.035 billion will be generated from IGR; N38 billion from the Statutory allocation; N289 billion from derivation fund; N3.254 billion from retained revenue from parastatals and N13 billion from VAT.
The recurrent expenditure of N118,790 consists of N49.577 billion for personnel cost; N26.068 billion for overhead cost and N43.146 billion for consolidated revenue fund charges including pensions, gratuities and public debts.
Of the total capital receipts and expenditures of N340.515 billion, N251 billion is expected to be transferred from the consolidated revenue fund while N89.017 billion is to be realised from: opening balance from the 2012 account, N30.993 billion from grants, N2 billion from the ecological fund, while N0.100 billion and miscellaneous, N55.924 billion.
Under the sectoral allocation, the economy has the lion share of N174.389 billion closely followed by Social Services with N68.782 billion, General Administration N62.711 billion and Environmental and Urban Development N34.633 billion.
The Governor said the main policy objectives of the budget include improvement of the standard of living of the citizens of the state; development and implementation of strategic plans for the complete industrilization of the state and the enhancement of employment generating capacity.
Others include, to develop strong sectoral linkages in the development processes: health, housing, education, transport and sports; to ensure a peaceful and safe society through effective security surveillance in the state, among others.
On implementation strategies to achieve the objectives of the budget, Akpabio stressed the need for building a strong fiscal regime through the expansion of revenue base and the elimination of wastages and leakages in expenditure profile.
Also, he said the state will build on the current foundation so far laid and consolidate the gains of a world class infrastructural development by employing effective public-private partnership.
The Governor called on the lawmakers to lend their kind approval to the budget proposals as he promised a faithful implementation of the budget to the general benefit of the people.
This he said would alleviate poverty, create wealth, general employment, stimulate agriculture and industrial development and maximize the general well being of the citizens.