Governor Udom Emmanuel of Akwa Ibom State, on Wednesday, presented a budget proposal of N670.718 billion for the 2019 fiscal year.
The budget christened Budget of Industrialization for Poverty Alleviation, was presented on Wednesday to the state House of Assembly.
It comprised N445.936 billion for Capital Expenditure, N97.096 billion for Recurrent Expenditure, and N127.686 billion for Consolidated Revenue Fund Charges.
Emmanuel said that the total projected recurrent revenue for the 2019 fiscal year was N374.24 billion as against N289 billion estimated in 2018.
He said the budget was predicated on oil benchmark of $60 per barrel at a production rate of N2.3 million barrels per day, with an estimated exchange rate of N305 per US dollar.
The governor said that the 2019 budget was intended to establish more industries and attract more direct foreign investments.
Emmanuel said that the preparation of the budget was guided by the International Public Sector Accounting Standard (IPSAS).
He said the policy objectives of the 2019 budget were to broaden and diversify the state’s resource base through improvements in the collection of Internally Generated Revenue (IGR).
The budget would also boost production of local businesses through the promotion of trade, commerce and tourism between the state and the rest of the world, he said.
According to him, the policy objectives of the budget will also aim to develop agriculture through the supply of improved agricultural inputs, credits and extension services.