The Governor of Akwa Ibom State, Mr. Udom Emmanuel on Tuesday presented a budget estimate of N435.65 to the State House of Assembly for the 2021 fiscal year.
He said the budget christened budget of completion agenda is predicated on an oil benchmark of $40 per barrel at a production rate of 1.86 million barrels per day, with an estimated exchange rate of N379/US$, in line with the National Budget benchmark projections.
The budget which is N69.65b more than the N366bn revised budget of 2020 is made up of N158.40 recurrent expenditure, N226.96 capital expenditure and a consolidated revenue charge of N50.26 billion.
Total projected Recurrent Revenue for 2021 is estimated at N255.003 billion as against the approved revised provision of N203.556 billion for 2020.
A breakdown of the revenue showed that N36.30 would come from Internally Generated Revenue (IGR), N36b from Statutory Allocation, N140b from Derivation Fund, N25b from Excess Crude, Exchange Gain augmentation and others, N1.71b from Parastatals while N16b would come from Value Added Tax (VAT)
Recurrent Expenditure, which is proposed at N208.688 billion, is made up of N56.54b for personnel cost, N101.86 for Overhead Costs including Social Benefits – Pension and Gratuity and N50.29b for consolidated Revenue Fund Charges
The total Capital Receipts and Expenditure for the year 2021 is estimated at N226.964 billion as against the approved revised provision of N188.942 billion for 2020.
A total projected capital receipts showed that N46.315 billion will be transferred from the consolidated revenue fund, while the balance of N 180.649 billion is to be realized from Opening Balance from the 2020 account of N 27b, Internal Bank Loan of N40.04billion.
It would also include Grants of N 34b, Ecological Fund made up of N 2b.
Reimbursement from Federal Government on Road and other Infrastructure made up of N 15b, Investment Income of N 500 million and other exceptional Income N61.5billion and Stabilization Account of N1b.
The sectoral allocation of the total budget showed that General Administration would gulp N100.02b, Economic sector to take N267.56b, Law and Justice to take N9.42b, Regional would take N1.24b while Social sector would gulp N57.42b.
