Governor Udom Emmanuel of Akwa Ibom state on Tuesday presented a budget estimate of N435.65 to the state assembly for the 2021 financial year.
The budget which is N69.65 billion is more than the N366b revised budget of 2020 imade 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 N36.30b would come from Internally Generated Revenue (IGR), N36 billion from statutory allocation, N140billion from derivation fund, N25b from excess crude, exchange gain augmentation and others, while N1.71 billion would be obtained from Parastatals with N16b would come from Value Added Tax (VAT) Recurrent expenditure, which is proposed at N208.688 billion, is made up of N56.54 billion for personnel cost, N101.86billion for overhead costs including social benefits – pension and gratuity and N50.29 billion for consolidated revenue fund charges.
The total capital receipts and expenditure for the year 2021 is estimated at N226.964billion 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 27 billion, Internal Bank Loan of N40.04billion.
It would also include Grants of N 34 billion, ecological fund made up of N 2b, Reimbursement from federal government on road and other infrastructure made up of N 15 billion, Investment Income of N 500 million and Other exceptional Income N61.5billion and stabilization account of N1 billion. 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.
The governor said that the budget christined budget of economic reconstruction 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.
