Akwa Ibom State Governor Udom Emmanuel on Monday presented a proposed total budget outlay of N582.115 billion for the 2022 financial year to the State House of Assembly for consideration.
The budget is N16.865 billion less than the total provision of N598.98 billion in the 2021 budget.
Presenting the budget on the floor of the House, Governor Emmanuel said the total projected recurrent revenue for 2022 is estimated at N273.85 as against the approved revised provision of N260 billion for 2021.
Christened “Budget of Re-defining Standards,” the governor said the preparation of the budget was guided by the International Public Sector Accounting Standard (IPSAS).
According to him, the 2022 budget is predicated on an oil benchmark of $57 per barrel at a production rate of 1.88 million barrels per day with an estimated exchange rate of ₦410.15/US$, in line with the national budget benchmark projections.
He stated that the budget would focus on the eight-point completion agenda: industrialisation, education, aviation development, rural and riverine area development, agriculture, small and medium scale enterprises, infrastructure expansion and consolidation, and security and human capacity development.
According to him, the comprehensive economic agenda cuts across all aspects of the sustainable development goals (SDGs).
He said: “We intend to achieve a sizeable number of the SDGs targets as we implement the 2022 budget. The main thrust, however, of the 2022 budget is to create more jobs for our teeming youths.
“The policy objectives of the 2022 budget is to stimulate the state’s economy with a view to creating more opportunities for gainful employment of our citizens through industrialisation and agriculture, economic growth and job-generating infrastructural investments in roads, bridges, renewable energy and communication technologies.
“Promotion of small and medium scale enterprises (SMEs) as well as enhancement of local capacities in manufacturing and use of “made in Akwa Ibom” goods and services to create jobs and achieve self-sufficiency in critical sectors of the state’s economy.
“Creation of jobs using labour-intensive methods in key areas including aviation, agriculture, facility maintenance, housing, inter-ministerial and ministerial direct labour interventions.
“Continuation and enhancement of the pro-poor stimulus packages to the poor and vulnerable groups.
“Economic diversification, environmental safety, wealth creation, food sufficiency, health, and social security.”