Gov. Umo Eno of Akwa Ibom has presented an Appropriation Bill of N845.63 billion for the 2024 fiscal year to the state House of Assembly for consideration and approval.

Gov. Umo Eno of Akwa Ibom has presented an Appropriation Bill of N845.63 billion for the 2024 fiscal year to the state House of Assembly for consideration and approval.

The budget estimate comprised N352.92 billion Recurrent Expenditure and N492.72 billion Capital Expenditure.

Eno said that the projected recurrent revenue for 2024 was put at ₦561.00 billion as against the approved revised provision of ₦540.850 billion, representing 3.7 per cent increase.

He said that the 2024 estimate, christened “ARISE Budget for Growth and Expansion”, was predicated on an oil benchmark of $73.96 per barrel at a production rate of 1.78 million barrels per day with an estimated exchange rate of ₦700/US$.

The governor also said that the 2024 oil benchmark and exchange rate were in line with the National Budget benchmark projections.

He said that the State Government would partner foreign investors to invest in the relevant and key sectors of the state economy and undertake robust human capital development, in order to realise the budget objectives.

He further said that government would widen the state’s industrial base “through rapid industrialisation and investment activities by providing the enabling environment for the private sector to thrive.

“This is to enhance the availability of goods and services for domestic use and export,” Eno said.

He said that government would achieve at least 10 per cent increase in IGR by eliminating payment evasion, wastages and leakages in collection and expenditure and developing the state’s tourism potentials.

Eno said that the budget would stimulate the agricultural and agro-allied industries “to boost production of local farmers to ensure food sufficiency for local consumption, exports as well as the provision of raw materials for the industries”.

According to him, the budget will expand and maintain infrastructure and services in Health-Care Delivery at the primary and secondary levels and also safeguard the state against any further public health emergencies after COVID-19 pandemic.

In a remark, the Speaker, Mr Udeme Otong, assured the governor that the house would quicken the consideration process to ensure the speedy passage of the appropriation bill to expedite  development in the state.

Otong urged all the Heads of Ministries,  Departments and Agencies in the state to cooperate with the House during the budget defence to ensure the speedy passage of the bill.  Fidelity Bank Loses 25% of Its Market Value