AKSG Proposes N435,652 Billion For 2021 Fiscal Year

The Akwa Ibom Government has proposed a total budgetary outlay of N435.652 billion for the 2021 financial year as against the approved revised provision of N366.000 billion of 2020.

 Gov. Udom Emmanuel, watched by the state deputy governor, Mr Moses Ekpo, presented the budget proposal to the speaker, State House of Assembly, Mr Aniekan Bassey, at the Assembly complex, Udo Udoma Avenue, Uyo, yesterday.

 Emmanuel said that the 2021 budget proposal, predicated on an oil benchmark of $40 per barrel at a production rate of 1.86 million barrels per day, has a recurrent expenditure of N158.403 billion, capital expenditure of N226.964 billion and a consolidated revenue fund charge of N50.285 billion. 

The governor indicated that the 2021 budget proposal has a total projected recurrent revenue estimated at N255.003 billion as against the approved revised provision of N203.556 billion for 2020 with a breakdown of : internally generated revenue (IGR), N36.295billion, statutory allocation at N36.000 billion, derivation fund, N140.000 billion, excess crude exchange gain, augmentation and others, N25.000 billion, retained revenue from parastatals, N1.708 billion and value added tax (VAT), N16.000 billion.

 He remarked that in 2021 financial year, the recurrent expenditure was proposed at N208.688 billion made up of personnel costs N56.542 billion, covering overhead costs of social benefits, pension and gratuity, N101.861 billion, and consolidated revenue fund charges, N 50.285 billion, adding that the total capital receipt and expenditure for the year 2021 was estimated at N226.964 billion as against the approved revised provision of N188.942 billion for 2020, while stressing that a total projected capital receipt shows that N46.315 billion would be transferred from the consolidated revenue fund, with a balance of N 180.649 billion. 

The state chief executive officer said that the 2021 budget was christened "Budget of Economic Reconstruction" with the earnest belief that his administration would move Akwa Ibom very close to actualizing dreams and aspirations to transform from a civil service state to an industrialized one, explaining that the 2021 budget was prepared in accordance with International Public Sector Accounting Standard (IPSAS)-"Accrual Template" of a comprehensive package classifying transactions into revenue, expenditure, assets and liabilities to aiding effective and efficient financial analysis. 

Emmanuel stated that his administration has no other abiding desire than to work tirelessly to improve the material circumstance of the people of Akwa Ibom, asking the speaker and the members of the State House of Assembly to speedily approve the budget proposal in one accord to enable the state to move forward. Bassey stated that the members of the State House of Assembly have the confidence that the 2021 budget would completely align with the policy thrust of education, aviation, security, human capital development, health care and rural community development, adding that the budget would improve on the performance of the 2020 budget to deliver democracy benefits to the people of Akwa Ibom.

 He said that the members of the State House of Assembly would continually be part of the success story of the present administration, adding that the support of the State House of Assembly to the executive arm of the government was a support for progress and development of the respective state constituencies of the state.

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