Akwa Ibom State Governor, Mr. Udom Emmanuel has presented a budget estimate of N582.115 billion for the 2022 fiscal year to the State House of Assembly, tagged: “Budget of Redefining Standards”.
The Budget which is the 7th of his eight year administration, was lower than the approved revised provision of N598.975 billion budget for the 2021 fiscal year.
Emmanuel, while presenting the budget estimate, said the 2022 budget estimate was predicated on an oil benchmark of 57 dollars per a barrel at the production rate of 1.88 million barrels per day, with an estimated exchange rate of N410.50k to the US dollar in line with the National budget benchmark projections.
The Governor said the recurrent expenditure was projected to gulp N260.151billion while the capital expenditure stands at N321.964billion and the recurrent revenue for 2022 is estimated at N273.854billion.
Governor Emmanuel said the year 2022 budgetary estimates will consolidate on the 8 point Completion Agenda of his administration.
“These comprehensive economic agenda cuts across all aspects of sustainable development goals (SDGs)”, Governor says.
Emmanuel hinted that the main thrust for year 2022 budget is to create more jobs for the teaming youths of Akwa Ibom State.
Speaking earlier, the Speaker of the Seventh Assembly, Rt. Hon. Aniekan Bassey assured the Governor the commitment of the House to expedite action to ensure timely passage of year 2022 budgetary estimates.
Also, the bill was accorded accelerated hearing, and read the second time.
Thereafter, the Speaker committed the Bill to House Committee on Finance and Appropriations for further Legislative action to report back to the House within one month interval.
Meanwhile, the House continues with it recess to reconvene on the 26th November, 2021 at 10:00 hrs.