Governor Udom Emmanuel of Akwa Ibom on Monday presented to the state House of Assembly a proposed budget of N582.115 billion for the 2022 Financial Year.
This was against the revised provision of N598.98 billion presented for 2021 to the Assembly.
The appropriation bill comprises N260.15 billion as recurrent expenditure and N321.96 billion as capital expenditure.
Mr Emmanuel said the total projected recurrent revenue for 2022 was estimated at N273.85 billion as against the approved revised provision of N260 billion for 2021.
The governor said the preparation of the budget, christened “Budget of re-defining Standards”, was guided by the International Public Sector Accounting Standard (IPSAS).
He said the 2022 budget was predicated 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 ₦410.15 to the dollar, in line with the National Budget benchmark projections.
The focus of the budget is on Industrialization, Education, Aviation Development, Rural and Riverine Area Development, Agriculture, Small and Medium Scale Enterprises, Infrastructure Expansion and Consolidation, Security and Human Capacity Development.