By Emmanuel Uffot
Governor Umo Eno of Akwa Ibom State has entered the books as one of the few state governors that have presented budget for 2024 fiscal year in record time.
The Governor on Tuesday November 21, 2023 presented a total budget of N845.632 billion for the 2024 fiscal year as against the N850 billion proposal for 2023 representing a slight decrease of 0.5 percent.
The budget is made up of N352.917 billion for Recurrent Expenditure and N492.715 billion for Capital Expenditure.
In the budget the total projected Recurrent Revenue is put at N561 billion as against N540.850 billion that was projected for the current year 2023 representing increase of 3.7 percent.
A breakdown of the projected revenue indicates that while N60b is expected to be realised from Internally Generated Revenue ( IGR) the sum of N55b will come from statutory revenue, N280 billion from derivation revenue, 13 percent derivation revenue arrears N51 billion, N60b from exchange gain, augmentation and others N60b, excess crude N10 billion and value added tax ( VAT) N45 billion.
Similarly a breakdown of the Recurrent Expenditure put at N352.737 billion indicates that while personnel cost will gulp N85.431 billion, N141.286 billion is set aside for overhead cost and N41.5 billion for social contributions and benefits ( pension and gratuities).
Again the budget has made provision of the sum of N1.5 billion for grants, contribution and subsidies and N83.2 billion for other miscellaneous expenses.
For Capital Expenditure where N492.685 billion is proposed as against the 2023 sum of N455.685 billion, total projected capital receipts indicates that N208.083 billion will be transferred from the consolidated revenue fund while the balance of N284.632 billion is to be realised from the underlisted.
– Opening balance from 2023 account N60b.
– Direct credit substitute receivable discounting facility/ Internal loan N164.632b.
– External bank loan N20b
– Grants N21b
– Ecological N5 billion
– Reimbursement from federal government roads N2b
– Other exceptional income N10b
– Stabilisation account N2b.
Accordingly, under sectoral allocation, a broad highlight shows that economy will gulp the lion share of N538.881 billion representing 63.7 percent of the budget followed by administration with the sum of N174.448 billion allocated, social N116.074 billion representing 13.7 percent, law and justice N15.780 billion 1.9 percent and regional will take N449 million representing 0.1 percent.
On how these lofty projections would be realised, the Governor listed his administration’s strategies to realised these to include, partnering with foreign investors to invest in relevant and key sectors of the state economy and robust human capital development.
Others are widening the industrial base of the state through rapid industrialisation and investment activities by providing enabling environment for the private sector to thrive, striving to achieve 10 percent increase in IGR ( Internally Generated Revenue) by eliminating evation of tax payment, wastages and leakages in collection as well as developing tourism potentials.
Another strategy Governor says his government is projecting to realised the 2024 budget is to stimulate agricultural and agro-allied industries to boost production of local farmers for the purpose of ensuring food sufficiency for local consumption, exports and provision of raw materials for industries.
The Governor said his government also intends to expand and maintain infrastructures and services in Healthcare delivery at primary and secondary levels and safeguard the state against any further pandemic like Covid-19.
He also said his government intends to improve service delivery in the educational sector with emphasis on cultural, moral and technological base education and will also continue to empower women and youths through capacity building, empowerment, skill acquisition and elimination of gender discrimination practices.
Under youths, sports and culture he enumerated his agenda in these areas to include, provision of recreational and sporting facilities to increase life expectancy, boost sports development and ensure improved performance of state representatives at local, national and international sporting competitions. Another agenda under this according to Governor Eno, his government will promote cultural and sports tourism to earn foreign exchange for Akwa Ibom State.
In the same vein, under administration, his aim for 2024 fiscal year is to enhance delivery of qualitative and prompt service by public servants through effective intra and inter MDAs collaboration by digitalising operation.
Improving fiscal accountability In all MDAs with emphasis on cost effectiveness in all programmes and projects, is another important agenda the Akwa Ibom State governor said he has on the table for next financial year under administration.
The 2024 budget, the first by Governor Eno is predicted on an oil benchmark of 73.96 US dollars per barrel at a production rate of 1.78 million barrels per day at an estimated exchange rate of N700 to one dollar in line with the National Budget benchmark projections with a projected 3.76 percent growth rate in National Gross Domestic Product ( GDP) and national inflation rate of 21 percent.
The budget presentation to the 8th Assembly afforded Governor Umo Eno the platform to highlight some of his modest achievements since assumption of office last May.
Prominent among these which he laid on the table before the House is the disbursement of N5.3 billion for payment of backlog of pensions and gratuities to retired primary school teachers, local governments and state civil servants.
In other to boost agriculture which is one of the pillars of his ARISE Agenda, he said his government signed a Memorandum of Understanding ( MOU) with an internationally renowned farm operators Songhai farms to boost agriculture in the state and also acquired over 50,000 hectares of land in Nsit Ubium for model farms and also signed another MOU with the Nigeria Navy for the establishment of Ibom fish city.
In the educational sector, he reiterated that public primary and secondary in the state still remain free. Also that his government has released N100 million to support physically challenged people and has resumed payment of bursary to Akwa Ibom students in tertiary institutions across the country.
He also said his government has put machinery on motion to build model primary schools across the 31 local government areas of the state beginning with the reconstruction of Christ the King School Wellington Bassey into a model primary school which is nearing completion.
On Infrastructural development, he listed the construction of Ndiya street and other access roads around Udua Akpan Andem in Uyo within his 100 days in office as a major achievement in this area.
Again that construction work on roads in Nsit Ibom, Ibesikpo Asutan, Ikot Ekpene and Iron local government areas were ongoing.
He also laid open his rural development programme of one project per local government area as well as construction of lodges for local government chairmen in the 31 LGAs which he said will flag off in Eket in December.
He listed other projects his government is already embarking on as, the restructuring of Dakkada oil palm, creation of a new ministry of Internal Security and Waterways to serve as a platform for the creation of Neighbourhood Watch, a security outfit that will recruit 5000 youths to help complement security agencies to sustain the prevalent peace enjoyed in the state in recent years.
Similarly, he said rehabilitation work is ongoing in Primary Health Centres in Akai Ubium in Nsit Ubium, Ibesikpo Asutan and Urue Offong Oruko with intention to provide ambulance services in all the LGAs as well as homes for elderly people which many say will be another first by any state in Nigeria.
Meanwhile many people have commended the Governor for the prompt presentation of the budget, which will give ample opportunity to the House to work on it and passed for governor to enter the new fiscal year already armed with a budget to work on.
