The Akwa Ibom State governor, Udom Emmanuel has presented a budget outlay of N582.115 billion for the 2022 fiscal year as against 598.98billion of 2021 to the state House of Assembly.
The budget consists of N260.15 billion as recurrent Expenditure, N321.96 billion as capital expenditure.
Emmanuel said that the total projected recurrent revenue for 2022 is estimated at N273.85 as against the approved revised provision of N260 billion for 2021, adding that the preparation of the budget was guided by the International Public Sector Accounting Standard (IPSAS).
Presenting the budget, the governor who said the 2022 Budget was christened “Budget of Re-defining Standards” said it was predicated on an oil benchmark of $57 per barrel at a production rate of 1.88 million barrels per day with an estimated exchange rate of ₦410.15/US$, in line with the National Budget benchmark projections.
He said the budget would focus on the 8-Point Completion Agenda to include; Industrialization, Education, Aviation Development, Rural and Riverine Area Development, Agriculture, Small and Medium Scale Enterprises, Infrastructure Expansion and Consolidation, Security and Human Capacity Development.
According to him, the comprehensive Economic Agenda cut across all aspects of Sustainable Development Goals (SDGs).
He said, “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 governor said, “the policy objectives 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.
“Economic growth and job-generating infrastructural investments in roads, bridges, renewable energy and communication technologies.
“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.