Akwa Ibom State Governor, Udom Emmanuel, on Monday presented a N582.115 billion Appropriation Bill to the State House of Assembly for consideration and final passage as the state’s budget for fiscal 2022.
The Appropriation Bill, christened ‘Budget of re-defining Standards’ comprised N260.15 billion Recurrent Expenditure and N321.96 billion Capital Expenditure.
The Governor told the lawmakers that that the Executive projected a N273.85 billion recurrent revenue for the fiscal year compared to the approved revised provision of N260 billion in the 2021 budget, adding that the Appropriation Bill preparation was guided by the International Public Sector Accounting Standard (IPSAS).
According to him, the proposed 2022 budget is predicated on an oil benchmark of $57 per barrel at a production rate of 1.88 million barrels per day with an estimated exchange rate of N410.15 to the dollar, in line with the federal budget benchmark projections.
Emmanuel explained that the budget would focus on the 8-Point Completion Agenda, namely Industrialization, Education, Aviation Development, Rural and Riverine Area Development, Agriculture, Small and Medium Scale Enterprises, Infrastructure Expansion and Consolidation, Security and Human Capacity Development.
He pointed out that the comprehensive economic agenda cut across all aspects of Sustainable Development Goals (SDGs).
The governor clarified: “We intend to achieve a sizeable number of the SDGs targets as we implement the 2022 budget. The main thrust, however, of the 2022 budget is to create more jobs for our teeming youths.
“The policy objective of the 2022 budget is to stimulate the state’s economy with a view to creating more opportunities for gainful employment of our citizens through industrialization and agriculture”, he added
According to him, the key thematic thrusts of the economic activities and programmes to be vigorously pursued by his administration in the year under review include, Economic growth and job-generating infrastructural investments in roads, bridges, renewable energy and communication technologies; and Promotion of Small and Medium-scale Enterprises (SMEs) as well as enhancement of local capacities in manufacturing and use of “made in Akwa Ibom” goods and services to create jobs and achieve self-sufficiency in critical sectors of the state’s economy.
Others are, Creation of jobs, using labour-intensive methods in key areas including aviation, agriculture, facility maintenance, housing, inter-ministerial and ministerial direct labour interventions; Continuation and enhancement of the pro-poor stimulus packages to the poor and vulnerable groups; Economic diversification, environmental safety, wealth creation, food sufficiency, health and social security.
In his remarks, the Speaker of the state House of Assembly, Hon. Aniekan Bassey, assured the governor that the lawmakers would prioritise the consideration of the Bill in their legislative work and ensure its timely passage for the benefits of the people in the state.
