Akwa Ibom State Governor Udom Emmanuel yesterday presented a budget of N 697.005 billion for the 2023 fiscal year to the House of Assembly.
The budget named ‘Budget of Completion’ is predicated on an oil benchmark of $70 per barrel at a production rate of 1.69 million barrel per day, with an estimated exchange rate of N435.57/USS.
A total of N344 005 billion is for recurrent expenditure, while N353.000 billion will go into capital expenditure.
Emmanuel said the budget was prepared in accordance with International Public Sector Accounting Standards (IPSAS) Accrual template.
Ministries of Works, Infrastructure, Education and Agriculture topped in the allocation list.
The Appropriation Bill tagged ‘Budget of Sustainable Reconstruction’, is expected to be largely funded by 40 per cent from the Federal Allocation receipts, 39 per cent of 13 per cent derivation fund, five per cent Internally Generated Revenue (IGR), four per cent of grants and 12 per cent from loans.
Diri said considering the 70.7 per cent implementation of the 2022 budget for nine months, the 2023 budget proposal would take care of the personnel cost estimated at N63billion; overhead cost, N95billion; capital expenditure, N167.5billion and pensions & gratuity, N14.7billion.
Also public and debt servicing is expected to gulp N33.7billion and contributory pension, N4.7billion.
Ebonyi State Governor David Umahi yesterday presented the 2023 Appropriation Bill of N139,398,280,640.00 to the House of Assembly.
Tagged ‘Budget of Divine Mandate Consolidation and Continuity (C to C)’, the governor said revenue to finance the budget was expected to come from the federal allocation and other revenue heads.
He said his administration would implement about 41.67 per cent of the budget.
Umahi noted that the budget consisted of a recurrent expenditure of Fifty-Eight Billion, Three Hundred Sixty-Seven Million, Seven Hundred Seventy-Four Thousand Four Hundred and Sixty-Eight Naira (N58,367,774,468.00) covering 41.87% of the total budget.
He said Eighty-One Billion, Thirty Million, Five Hundred Six Thousand, One Hundred and Seventy-Two Naira (N81,030,506,172.00) covering 58.13% of the total budget estimate was earmarked for capital expenditure.