The Akwa Ibom State Governor, Udom Emmanuel, on Monday presented N697 billion appropriation Bill for the 2023 fiscal year to the State House of Assembly.
Emmanuel said 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.
He said; ”Government has proposed a total budgetary outlay of N697.005 for the 2023 financial year as against the approved revised provision of N631.881 of 2022, representing an increase of 10percent for the 2022 revised budget.’’
“This is made up of N344.00billion Recurrent expenditure and N353.00billion Capital expenditure. Total is N697 00bn.’’
“The 2023 budget is predicated on an oil benchmark of 70 dollars per barrel at a production rate of 1.69million barrels per day with an estimated exchange rate of N435.57 US dollars in line with the national budget benchmark projections.’’
“Mr. Speaker the policy thrust of the 2023 budget will focus on consolidating the gains of the 8-point completion agenda and these includes industrialization, Education, Aviation development, rural and Riverine areas development, Agriculture, Small & Medium Scale Enterprises, infrastructure expansion. & consolidation, security and human capacity development.’’
“Mr. Speaker, and honourable members, by the grace of God, this administration has completed many projects it met uncompleted, and new ones it also started. We hope to complete all ongoing projects we initiated before final exit of this administration in May 2023.’’
“To this end, and taking into cognizance the fact that a new administration will come into power for the same goal of good governance and effective projects actualisation, the 2023 budget is Christened Budget of Completion”
The Governor appreciated the members of the State Legislature for partnering with him and the Executive in the past Seven and half years without bickering or any political grandstanding.
The Speaker of the State House of Assembly Aniekan Bassey, in his remarks said the Executive had fared well in budgets implementation in the past Seven years.
Bassey assured that the House will ensure the speedy approval and passage of the 2023 appropriation Bill.