Governor Udom Emmanuel of Akwa Ibom State on Friday presented the 2018 budget of N651.50 billion to the Akwa Ibom State House of Assembly for consideration.
The budget is higher than the 2017 figure of N485.79 billion, with N165.71 billion.
The Appropriation Bill comprised N92.69 billion recurrent expenditure and N437.67 billion for capital expenditure, while consolidated revenue stood at N120.86 billion.
Emmanuel said the total projected recurrent revenue for the year was N289 billion as against N188.50 billion estimated in 2017.
He said the Bill, christened: “Budget of Consolidation on Industrialisation,” was expected to drive the state government’s industrialisation policy to a logical conclusion.
The governor said the preparation of the budget was guided by the International Public Sector Accounting Standard.
According to him, the policy framework of 2018 budget is also predicated on developmental objectives.
He assured that catalysts outlined in the state’s Medium Term Plan document would be strictly adhered to in pursuing transformation agenda.
Emmanuel said the budget would also aim to actualise the economic power base of the state through industrialisation and sustainable public-private initiatives that would open opportunities for growth and improved living standard.
He explained that the 2018 policy framework would be to ensure accountability and transparency in government by fighting and tackling corruption in all facets of state administration.
He further explained that the budget would also focus on promotion of trade, commerce and tourism among Akwa Ibom State, the country and the world.
Emmanuel announced that the budget was predicated on oil bench mark of $45 per barrel and production rate of 2.3 million barrels per day.
Highlights of the 2018 showed that roads, works and transport got the lion share of N211.42 billion; education, N10.53 billion; and N17.91 billion for agriculture.
In his remarks, the Speaker of the Assembly, Onofiok Luke, assured Emmanuel that the lawmakers would quicken the consideration process to ensure speedy passage of the Appropriation Bill.