Governor Umo Eno of Akwa Ibom State has presented the 2024 financial year budget proposal of N845.63 billion to the State House of Assembly. The proposed budget consists of N352.92 billion for recurrent expenditures and N492.72 billion for capital expenditures.
Umo Eno stated that the total projected recurrent revenue for 2024 is expected to reach N561 billion, marking a 3.7% increase from the approved revised provision of N540.850 billion. The 2024 budget, themed the “ARISE Budget for Growth and Expansion,” is based on an oil benchmark of $73.96 per barrel, with a production rate of 1.78 million barrels per day and an estimated exchange rate of N700 per US$.
Furthermore, the total capital receipts and expenditures for 2024 are estimated at N492.715 billion, representing an increase from the approved revised provision of N455.685 billion for 2023. The projected capital receipt indicates that N208.083 billion will be transferred from the Consolidated Revenue Fund.
Umo Eno outlined the strategies that will be deployed to achieve the objectives of the 2024 budget, including partnering with foreign investors to invest in key sectors of the state economy, robust human capital development, widening the industrial base through rapid industrialization, and enhancing private sector growth to improve availability of goods and services for domestic use and export.
He emphasized the goal of achieving a minimum 10% increase in Internally Generated Revenue (IGR) by eliminating tax evasion, wastage, and leakages in collection and expenditure, as well as developing the state’s tourism potential. Additionally, the budget aims to stimulate the agricultural and agro-allied industries to enhance local farmers’ production, ensure food sufficiency for local consumption and export, and provide raw materials for industries.
Moreover, the budget will focus on expanding and maintaining healthcare infrastructure and services at primary and secondary levels, as well as fortifying the state against future public health emergencies following the COVID-19 pandemic.
