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Just in: Gov. Emmanuel unveils 2019 budget size of N670.718bn

…Tags it ‘Budget of Industrialisation for Poverty Alleviation’

The Akwa Ibom State Governor, Udom Emmanuel, Wednesday, presented the 2019 Budget Proposals to the State House of Assembly tagged, ‘Budget of Industrialisation for Poverty Alleviation’.

Highlights of the proposals show a total budget size of N670.718bn made up of Capital expenditure of N445.936bn and Recurrent expenditure of N224.782bn, comprising: Personnel Costs – N54.797bn, Overhead Costs – N42.299bn and Consolidated Revenue Fund Charges – N127.686bn (including: Pensions, Gratuities and Public Debts). The budget is based on oil benchmark of $60 per barrel and exchange rate of N305/$.

Among the policy objectives of the 2019 budget, according to the Governor includes; “to broaden and diversify the State’s resource base through improvements in the collection of internally-generated revenue (IGR) and the development of other internal generating sources in the maritime sector and in the coastal and inland water ways as well as harnessing revenue on landed properties, among a host of others.

While the implementation strategies will include to:

  • Expand the revenue base of the State by eliminating wastages and leakages in expenditure, and improving IGR collection and development of tourism potentials and
  • Employ effective public/private partnership (PPP) strategies to provide much needed industrial and infrastructural development, to mention but a few.

Analysts say Akwa Ibom has one of the policies of annual budget implementation in Nigeria.