A’Ibom: Gov Eno Presents A Budgetary Outlay Of N845.632bn For 2024 Fiscal Year.

Akaiso Akaiso,

UYO – Akwa Ibom State Governor Umo Eno has presented a total budgetary estimate of N845.632 billion for the 2024 Financial Year.

This is against the revised provision of ₦850.00 billion for 2023 financial year.

Christened, “Arise Budget for Growth and Expansion” the budget presented to the Akwa Ibom State House of Assembly in Uyo on Tuesday comprised the Recurrent Expenditure of N352.92 billion and Capital Expenditure of N492.72 billion”.
Eno said the total projected recurrent revenue for 2024 is estimated at ₦561.00 billion as against the approved revised provision of ₦540.850 billion representing 3.7 per cent increase in revenue projection for the year 2024.
The 2024 Budget, as further explained by the Governor is predicated on an oil benchmark of $73.96 per barrel at a production rate of 1.78 million barrels per day with an estimated exchange rate of ₦700 /US$.

He said the total Capital Receipts and Expenditure for the year 2024 is estimated at N492.715 billion as against the approved revised provision of N455.685 billion for 2023.

Governor Eno added that a total projected Capital Receipts shows that N208.083 billion will be transferred from the Consolidated Revenue Fund

In his words “To realize the year 2024 Budget objectives, the following strategies shall be adopted by the State Government; Partner with foreign investors to invest in the relevant and key sectors of the State economy and undertake robust human capital development.

“Widen the industrial base of the State through rapid industrialisation and investment activities by providing enabling environment for the private sector to thrive.
“This is to enhance the availability of goods and services for domestic use as well as for export.

“Achieving at least 10 per cent increase in IGR by eliminating evasion in payment, wastages and leakages in collection and expenditure and developing tourism potentials,” Eno said.

Eno added that the 2024 budget would stimulate the Agricultural and Agro-allied industries to boost production of local farmers to ensure food sufficiency for local consumption, exports as well as the provision of raw materials for the industries.
According to him, the budget will expand and maintain infrastructure and services in Health-Care Delivery,

Primary and Secondary levels and to safeguard the State against any further public health emergencies after COVID-19 pandemic.

Governor Eno who assured members of the House of Assembly that the state Commissioner for Finance will as usual provide additional details on the sectoral allocations tomorrow Wednesday 22nd November, 2023 lists strategies to ensure effective implementation of the 2024 budget to include, ” Partner with foreign investors to invest in the relevant and key sectors of the State economy and undertake robust human capital development.

Others include, “Widen the industrial base of the State through rapid industrialization and investment activities by providing an enabling environment for the private sector to thrive. This is to enhance the availability of goods and services for domestic use as well as for export.

” Achieving at least a 10% increase in IGR by eliminating evasion in payment, wastages and leakages in collection and expenditure and developing tourism potentials.

” Stimulate the Agricultural and Agro-allied industries to boost production of local farmers to ensure food sufficiency for local consumption, exports as well as the provision of raw materials for the industries.

“Expand and maintain infrastructure and services in health delivery at Primary and Secondary levels and to safeguard the State against any further public health emergencies after COVID-19 pandemic.

“Improve service delivery in the Education sector, with emphasis on culturally, morally and technologically based education.

” Continue to empower women and youth through capacity building, empowerment, skill acquisition and elimination of gender discrimination practices.

“Enhance the delivery of qualitative and prompt service by public servants, through effective intra and inter MDAs collaboration by digitizing operations among others.

Giving further insight on the 2024 budget estimate, the state Commissioner for Finance, Dr Linus Nkan listed sectors of allocation to include Administration, Economic, Law and Justice, Regional and Social, saying that the economic sector took a lion share of N538.881b.
He described this year’s budget as more concise and people oriented. He hinted that Governor Umo Eno took an active part in the drafting of the budget.

He appealed for expeditious approval of these estimates from the lawmakers to help galvanize the people to “ARISE and be all that God had intended us to be” .