The Akwa Ibom state Governor, Udom Emmanuel presented a N582.115 billion budget proposal for the 2022 Financial year.

The Governor presented this on Monday at the State House of Assembly, against the revised provision of N598.98 billion presented for 2021 to the Akwa Ibom House of Assembly, according to the News Agency of Nigeria.

The Governor added that the budget would be themed “Budget of re-defining Standards.”

What the Governor is saying

Governor Emmanuel said that the budget would be guided by the International Public Sector Accounting Standard (IPSAS).

He said, “The Appropriation Bill comprised of  N260.15 billion as Recurrent Expenditure and N321.96 billion as Capital Expenditure.

“The total projected recurrent revenue for 2022 was estimated at N273.85 as against the approved revised provision of N260 billion for 2021.

He also added that the 2022 budget would be based on an oil benchmark of $57 per barrel at a production rate of 1.88 million barrels per day with an estimated exchange rate of N410.15 to the dollar, in line with the National Budget benchmark projections.

“The budget would focus on the 8-Point Completion Agenda to include; Industrialization, Education, Aviation Development, Rural and Riverine Area Development, Agriculture, Small and Medium Scale Enterprises, Infrastructure Expansion and Consolidation, Security and Human Capacity Development.

“We intend to achieve a sizeable number of the SDGs targets as we implement the 2022 budget. The main thrust, however, of the 2022 Budget is to create more jobs for our teeming youths.

He added that the policy objective of the 2022 budget is to stimulate the state’s economy with a view to creating more opportunities for gainful employment of citizens through industrialization and agriculture and also economic growth and job-generating infrastructural investments in roads, bridges, renewable energy and communication technologies.

Other factors to be considered include the promotion of small and medium scale enterprises (SMEs) as well as enhancement of local capacities in manufacturing and use of “made in Akwa Ibom” goods and services to create jobs and achieve self-sufficiency in critical sectors of the state’s economy.

In case you missed it

Recall Nairametrics reported last week that the Governor of Bayelsa state, Douye Diri presented a N310.7 billion budget estimate for 2022 to the Bayelsa State House of Assembly in Yenagoa.