Udom proposes N697 billion for 2023 fiscal year

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From Joe Effiong, UyoAkwa Ibom State Governor Udom Emmanuel has presented a total of N697.005 billion as the proposed budget estimate for the state for the 2023 fiscal year.The 2023 proposed estimate, which is Governor Emmanuel’s last budget as his second term tenure ends on June 12, 2023, has been increased by 10 % more than the total revised 2022 appropriation which was N631.881.The governor said while presenting the budget at the Akwa Ibom State House of Assembly, Uyo on Monday, that the 2023 budget is predicated on an oil benchmark of $70 per barrel at a production rate of 1.69 million barrels per day with an estimated exchange rate of N435.57/USS.He explained that the budget, prepared in accordance with the International Public Sector Accounting Standards (IPSAS) Accrual template, and Christened “Budget of Completion”, was estimated at a total of N344 005 billion as Recurrent Expenditure while N353.000 billion would go into Capital Expenditure.“Government has proposed a total budgetary outlay of N 697.005 billion for the 2023 Financial Year as against the approved revised provision of N631.881 of 2022 representing an increase of 10% from the 2022 revised budget”. He saidThe governor said the policy thrust for the 2023 budget would focus on consolidating the gains of the 8-Point Completion Agenda and these include Industrialisation, Education, Aviation Development, Rural and Riverine Area Development, Agriculture, Small and Medium Scale Enterprises, Infrastructure Expansion and Consolidation. Security and Human Capacity Development.Related: Diri presents N385.2 billion 2023 appropriation bill to state legislatureAccording to him; “The total projected Recurrent Revenue for 2023 is estimated at N390 850 billion as against the approved revised provision of N303 854 billion, representing 29% increase in revenue projection for the year 2023“The breakdown is as follows: Internally Generated Revenue (IGR)- N47.850 billion, Statutory Revenue – N51.000 billion, Derivation Revenue – N200.000 billion, Exchange Gain- N40.000 billion, Excess Crude- N10,000 billion, Electronic Money Transfer – N12.000 billion, Value Added Tax- – N30,000 billion, total – N390,850billion.”He listed the Policy Objectives of the 2023 budget to include “Stimulating the State’s economy and creating opportunities of gainful employment through, Industrialisation. Agriculture including Air and Sea infrastructure“Sustained growth through Rapid industrialisation and Job Creation, infrastructural investments, Roads. Sports, Tourism, Solar Power, Communication Technologies Aviation and Sea infrastructure“Continued support for Small and Medium Scale Enterprises (SMEs) as the engine of our economy to encourage local capability in manufacturing and the use of our locally made products for domestic use exports“Create jobs using labour-intensive methods in key areas such as Agriculture, Housing. Inter-ministerial and Ministerial Direct Labor intervention, etc“Amelioration of poverty among the vulnerable groups in our society including women and people living with disabilities, through pro-poor spending 6. Economy Diversification to create more wealth, sustainable employment and food.”



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