Akwa Ibom State Governor, Mr. Udom Emmanuel, has presented a budget estimate of N697.005 billion for the 2023 fiscal year.
The budget, christened ‘Budget of Completion’, has a Capital Expenditure of N353 billion and N344.005 billion for recurrent expenditure, totalling N697.005 billion as against the previous year’s revised provision of N631.881 billion.
Presenting the budget at the House of Assembly, Uyo, Governor Emmanuel explained that the budget was predicated on an oil benchmark of $70 per barrel at a production rate of 1.69 million barrels per day and was focused on the policy thrust of consolidating on the gains of the eight-point Completion Agenda.
The Governor further expounded that the Policy Objectives of the 2023 budget would include: stimulating the state’s economy to create opportunities for gainful employment through industrialisation, agriculture as well as air and sea infrastructure; continued support for the SMEs as the engine of our economy to encourage local capacity in manufacturing and the use of our locally made products for domestic use exports; economic diversification to create more wealth, sustainable employment and food sufficiency; amelioration of poverty among vulnerable groups, including women and persons living with disabilities through pro-poor spending, among others.
