Governor Umo Eno of Akwa Ibom State on Tuesday presented the budget expenditure proposal of N845.63 billion for the 2024 fiscal year to the state House of Assembly.
The fiscal expenditure estimate for 2024 consists of recurrent expenditure of N352.92 billion and capital expenditure of N492.72 billion.
Eno said that the total projected recurring revenue for 2024 is estimated at NOK 561 billion, compared to the quota of 540.85 billion in the approved amendment, which represents a 3.7% increase in the projected revenue for 2024. He said it would happen.
He said the 2024 budget, dubbed the “ARISE Budget for Growth and Expansion,” sets the crude oil benchmark at $73.96 per barrel, production at 1.78 million barrels per day and an estimated exchange rate of 700 naira per US dollar. He said he was assuming that.
According to him, the total capital account balance for 2024 is estimated at 492.715 billion noruva, compared to 455.685 billion nooru in the revised provisions approved for 2023.
He added that the total expected capital receipts show that N208,083 million will be transferred from the Consolidated Revenue Fund.
According to him, “To realize the 2024 budget target, the state government needs to adopt the following strategies: Partner with foreign investors to invest in relevant and key sectors of the state economy and build strong Work to develop human capital. Expand the state’s industrial base through rapid industrialization and investment activity by providing an enabling environment for the private sector to flourish. To increase the availability of goods and services. Achieve at least a 10 percent increase in IGR by eliminating payment evasion, waste, leakage of collection and expenditure, and developing tourism potential.”
Eno added that the 2024 budget will stimulate agriculture and agro-allied industries to boost production by local farmers and ensure food sufficiency for local consumption and export, as well as the supply of raw materials to industry. Ta.
He said the budget will expand and maintain infrastructure and services in health care delivery at the primary and secondary levels, protecting the state from further public health emergencies in the wake of the COVID-19 pandemic. Ta.