27 November 2017, Sweetcrude, Port Harcourt — Akwa Ibom State Governor, Chief Emmanuel Udom, has presented a total budgetary outlay of N651.500billion for the 2018 financial year.
Governor Udom while presenting the budget proposal at the State House of Assembly in the weekend, said the 2018 Budget was prepared in accordance with International Public Sector Accounting Standard’s accrual template.
The governor explained that the 2018 Budget was predicated on an oil benchmark of $45 per barrel at a production rate of 2.3 million barrels per day with an estimated exchange rate of N305 to $1, in line with the National Budget benchmark projections.
He added that 55 percent of the 2018 budget would be spent on capital expenditure, 20 percent on recurrent expenditure and 25 percent on consolidated revenue fund charges.
“Government has proposed a total budgetary outlay of N651.500 billion for the 2018 financial year as against the approved revised provision of N485.792 billion of 2017.
“This is made up of Recurrent Expenditure – N 92.697 billion, Capital Expenditure – N437.674 billion, Consolidated Revenue Fund Charges – N120.859 billion.
“The total projected Recurrent Revenue for 2018 is estimated at N289.000 billion as against the approved revised provision of N188.500 billion for 2017.
“Internally Generated Revenue – N35.496 billion, Statutory Allocation – N 25.000 billion, Derivation Fund – N200.800 billion, Retained Revenue from Parastatals – N 2.504 billion, Value Added Tax – N 12.000 billion, Budget Support – N 13.200 billion. Total – N289.000 billion
The total Capital Receipts and Expenditure for the year 2018 is estimated at N437.674 billion as against the approved revised provision of N313.498 billion for 2017.
“A total projected capital receipts shows that N75.174 billion will be transferred from the consolidated revenue fund while the balance of N362.500 billion is to be realized from grants, ecological funds, internal ad eternal loans, etc.
Governor Udom also disclosed that N6..800 billion of the budget would go into investment, commerce and industry especially oil and gas processing and free trade zone.
“The following programmes and projects have been outlined in the 2018 Budget for execution: Industrial Estate/Park Development Programme, Industrial Cluster/Enterprises Village Development, Development of Micro Small and Medium Enterprises.
“Oil and Gas Industrial Processing and Free Trade Zone, Akwa Ibom Entrepreneurship Development Resource Centre/Programme, Ibom Enterprises Development Scheme, Privatization of Ailing Industries.
“Others are Akwa Ibom State/UNIDO Programme, ISO Standardized Industrial Programme of Akwa Ibom State, Trade Fair Programmes, Construction and maintenance of Trade Offices, Export Trade Promotion, Facilities for Registration of Business Premises, Construction of Regional Markets Programme, Renovation/Construction of Rural Produce Offices/Contribution of Produce Quality Laboratories, Anti-Diversion Programme for Revenue Generation Data Collection, Pest Control Programme on Graded Produce, Cocoa Business Development, Staff Capacity Building Programme.”