Akwa Ibom State government is expected to boost its Internally Generated Revenue (IGR) by 10 percent in 2024 as it intends to block wastage in revenue collection and expenditure.
It also plans to eliminate evasion in payment of taxes as well as developing the tourism potentials of the state.
Governor Umo Eno stated this while presenting a budget of N845.632billion for the 2024 financial year to the state house of assembly for consideration and approval.
Eno said the Recurrent Expenditure which is proposed at ₦352.737 billion is made up of Personnel Cost ₦85.431 billion, Overhead Cost ₦141.286 billion, Social contribution and benefit (Pension and gratuity) ₦41.500 billion, Grant, Contribution & Subsidies ₦1.500 billion, Others ₦83.200 billion.
According to him, the Capital Expenditure, is estimated at N492.715 billion as against the approved revised provision of N455.685 billion for 2023.
A total projected Capital Receipts shows that N208.083 billion will be transferred from the Consolidated Revenue Fund, while the balance of N284.632 billion is to be realized opening Balance from 2023 account ₦60.000 billion, Direct Credit Substitute/Receivable Discounting Facility/Internal Loan ₦164.632 billion, External Bank Loan ₦20.000 billion, Grants ₦21.000 billion, Ecological Fund ₦5.000 billion, Reimbursement from Federal Govt. on Roads ₦2.000 billion, Other exceptional Income ₦10.000 billion, Stabilization Account ₦2.000 billion.
Out of the projected budget outlay of N845.632billion for the 2024 fiscal year, administration is allocated N174. billion, Economic N538.881 billion while Law and Justice has N15 billion.