Governor Udom Emmanuel of Akwa Ibom State has proposed a budget of N582.115 billion for 2022 fiscal year.
This was contained in the 2022 appropriation bill he presented to the state assembly for approval.
The 2022 estimate is, however, lower than that of 2021 which was N598.975 billion.
Presenting the 2022 budget which he christened “redefining standards,” the governor said it comprised a recurrent expenditure of N260.151 billion and a capital expenditure of N321.964 billion
According to the governor, the projected recurrent for 2022 is N273.854 billion as against the approved revised provision of N260.003 billion, representing a five percent increase in revenue projection for the year 2022.
Giving the breakdown of the recurrent expenditure, he said N70.583 billion has been budgeted for personnel cost, N117.668 billion for overheads while social contributions and benefits would gulp N20.500 billion.
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Others include grant, contributions and subsidies with an estimate of N1.2 billion while public debt service would cost N50 billion.
“A total projected capital receipts show that N13.703 billion will be transferred from the Consolidated Revenue Fund, while the balance of N308.261 billion is to be realised in many sources, including external loan of N3.990 billion, grants, N24.268 billion and direct credit N60 billion.”
Others, he said, would include ecological fund, N25 billion, refunds from federal government and federation account, N137.903 billion and discount facility of N60 billion.
The governor, who highlighted the contributions of the various to the economic development of the state said
Micro, Small and Medium Enterprises (MSMEs) which he said constitutes “the engine of growth of any economy anywhere in the world,” will receive greater emphasis on the clustering of Micro, Small and Medium Enterprises (MSMEs) for greater efficiency and effectiveness.
According to him, the provision for the establishment of clusters village for different vocations including ICT, craftsmen, footwear producers, textile production, designing and woodworks has been made in the 2022 budget estimates.
