AKHA RECEIVES 2021 BUDGET OF N435.652B

AKHA RECEIVES 2021 BUDGET OUTLAY OF N435.652B

The Akwa Ibom State House of Assembly has received the total budgetary outlay of N435.652b for 2021 fiscal year.

The budget as presented by the Governor, Mr. Udom Emmanuel during the House plenary today is tagged “Budget of Economic Reconstruction.”

The N435.652b outlay for 2021 Financial Year is against the approved revised provision for N366.000billion of 2020.

According to the breakdown of the budget, the Recurrent Expenditure is pegged at N158.403 billion, Capital Expenditure of N226.964b and the Consolidated Revenue Fund Charge of N50.285 billion totalling N435.652b.

However, the 2021 Budget prepared in accordance with the International Public Sector Accounting Standard (IPSAS) – Accrual Template, 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.

Also, the analysis of the sectoral allocations shows that priority is given to projects and programmes under the Economic Sector such as; education, healthcare, aviation development, infrastructure, industrialization, small and medium scale enterprises, human capacity development, power and of course, rural and riverine development which are core pillars of the Completion Agenda.

However, it could be recalled that 2020 Budget was named the “Budget of Industrialization for Poverty Alleviation II,” and the focus of that budget was to begin the process of actualizing the Completion Agenda of this Administration. It was hinged to achieve rapid industrialization of the State.

 

The 2021 budget aims to continue the actualization process fully cognizant of the new reality that Covid-19 pandemic has posed to the world.

The Governor however solicited for speedy passage of the budget to run the economic wheels of the State.

“Therefore, I ask you Mr. Speaker and the Honorable Members of this great Chamber to speedily and expeditiously approve this Budget so we can continue to, in one accord and in unison, move our State forward and prove to everyone, that Government can indeed be a force for good and not a force for ill, so help us God!”

The Speaker, Rt. Hon. Aniekan Bassey however acknowledged the effort of the Governor in moving the wheels of governance despite the effect of the ravaging pandemic on world’s economy.

He promised optimum performance of the 2021 budget through the oversight function of the State Assembly as they will continue to give legal backings to the lofty policies of the Executive and Judiciary to move the state forward.

 

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