… Baptism of the 2022 budget Budget for redefining standards
Akwa Ibom state government plans to spend a total of 582.115 billion naira in fiscal year 2022, Governor Udom Emmanuel said.
The governor who said this when presenting the 2022 financial estimates to the legislature in Uyo on Monday said the 2022 budget is prepared in accordance with the exercise model of the International Public Accounting Standard (IPSAS) and is intended to deploy a manageable budget size that will help close the gap between budgeted and actual numbers.
The proposed budget for 2022 is made up of 260.151 billion in recurrent spending, 321.964 billion in capital spending, while the budget is 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 410.15 / US $.
“The total recurring revenue projected for 2022 is estimated at 273.854 billion yen compared to the approved revised provision of 260.003 billion yen, an increase of 5% of the revenue forecast for the year 2022.”
“The total capital income and expenditure for the year 2022 is estimated at 321.964 billion naira compared to the approved revised provision of 344.873 billion naira for 2021,” he said.
A total of the projected capital receipts shows that 13.703 billion Naira will be transferred from the Consolidated Revenue Fund, while the balance of 308.261 billion Naira. “A sector allocation of the total budget expenditure of 582.115 billion naira for the year 2022 shows that the administration obtains 132.565 billion naira (22.8%), the economic sector is to obtain 347.349 billion naira (59.7% ), law and justice-N10. 378 BN, (1.8%), Regional sector at N1.991BN (0.3%), Social sector for N89.832 BN (15.4%).
This, the governor said, was in line with the national budget baseline projections.
According to Governor Emmanuel, the focal point would be on the implementation of his 8-point completion program for industrialization, education, aviation development, development of rural and riparian areas, agriculture. , small and medium enterprises, expansion and consolidation of infrastructure, security and human resources. Capacity development.
“The 2022 budget is called the“ Budget for redefining standards. Our intention here is to take stock of our achievements over the past six and a half years and to consolidate the achievements of our achievements so far, for sustainable expansion and growth, ”he said.
He listed the accomplishments of his administration to include the
establishment of more than 20 viable industries in the state, successful completion and commissioning of the 21-story Dakkada tower, inauguration of the one-kilometer overflight of Ikot Oku Ikono, successful completion and commissioning of the Uyo- road Ikot Ekpene, among others, re-emphasized that the political goals of the 2022 budget include; stimulating the state economy to create more gainful employment opportunities for our citizens through industrialization and agriculture, economic growth and job creation.
The Governor also said that the budget will focus on infrastructure investments in roads, bridges, renewable energy and communication technologies, promotion of small and medium enterprises (SMEs) as well as local capacity building in the manufacture and use of “made in Akwa Ibom”. ”Goods and services to create jobs and achieve self-sufficiency in critical sectors of the state economy, among others.
“Other specific goals include; use ICT, science and technology as a tool for job and wealth creation, increase the state’s internally generated income (IGR) by expanding and diversifying the state’s resource base, aggressively pursue the development of other internal sources of income generation in the State, in the sea, coastal and inland waterways, by exploiting the income from land and other properties, to start the construction of the deep sea port of Ibom and the development of the industrial city of Ibom to complement government efforts in creating sustainable structures for job creation, among others.
The Governor explained that the budget has been dubbed the “Standards Redefinition Budget” and aims to take stock of the achievements of the last six and a half years and consolidate the achievements of the achievements, for a sustainable expansion and growth of the State.
During his speech, Governor Emmanuel said that during the preparation of the budget for the year 2022, effective costing tools such as cost-benefit analysis, cost-effectiveness analysis and elasticity methods, including moving averages, have been deployed.
“The government has proposed a total budget expenditure of 582.115 billion naira for fiscal year 2022 compared to the approved revised provision of 598.975 naira for 2021, which is a decrease from the revised budget for 2021.
The Governor noted that the main political direction of the budget is to create more employment opportunities by emphasizing the 8 point completion program, including industrialization, education, development of the aviation, development of rural and riparian areas, agriculture, small and medium scale. Businesses, expansion and consolidation of infrastructure, security and human capacity development.
He congratulated the President, Rt Hon. Aniekan Bassey for his commitment and tireless efforts in approving the Medium Term Expenditure Framework (MTEF) 2022-2024, the Budget Strategy Paper (FSP) and the adoption of the revised (additional) appropriation bill 2021 in response to demands arising from a commitment to further change the narratives and trajectories of our growth and development.
“You have proven yourself as a reliable partner in the Akwa Ibom company conference room. You have also worked in conjunction with the executive branch and indeed the judiciary as well, setting aside personal or collective interests for the common good of our people.
“We have maintained strong working relationships while respecting the constitutional limits enshrined in the principle of the separation of powers. “
“We, in the executive arm, can always count on you to bravely defend Akwa Ibom’s broader interests and do whatever is appropriate and necessary to advance our growth and development. I would like to thank you for this demonstration of friendship and harmony “, he added.