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2023 Estimates: Governor Emmanuel Plans To Spend N697.005 Billion

Akwa Ibom State Governor, Mr. Udom Emmanuel has presented the 2023 estimates to the State House of Assembly, a document that is to guide the state’s financial appropriation for the 2023 fiscal year.

Christened “Budget of Completion”, the 2023 estimates has a total outlay of Six hundred and ninety-seven point zero, zero five billion naira (#697.005 billion).

From the estimated amount, Recurrent Expenditure is expected to gulp Three hundred and forty-four point zero, zero five billion naira (#344.005 billion) while Capital Expenditure is pegged at Three hundred and fifty-three billion naira (#353.000 billion) bringing the total budget size to Six hundred and ninety-seven point zero, zero five billion naira  (697.005 billion)

According to Governor Emmanuel, highlights of the 2023 estimates are predicated on the oil benchmark of seventy (70) dollars per barrel and one point six, nine (1.68) million barrels per day, taking into consideration the inflation and exchange rate.

The 2023 estimates, as presented by the State’s Chief Executive, seek to stimulate the state’s economy through industrialization, create jobs, tackle poverty, and pursue economic diversification as part of the policy objectives.

Also read: Akwa Ibom Will Continue to Take the Lead in Infrastructure Development- Governor Emmanuel

Addressing the legislature before the presentation of 2023 estimates, governor Emmanuel paid tributes to the sixth Assembly under Barr Onofiok Luke as Speaker, for laying the foundation of tremendous support at the inception of his administration in 2015.

He also specifically appreciated the 7th assembly led by Mr. Aniekan Bassey and stakeholders at various levels for partnering with him to advance the Akwa Ibom project in the past seven years and some months.

While promising to continue his selfless service to the people, the Governor sued for cooperation and support from the legislature for the timely passage of the 2023 estimates which he noted, would adopt workable strategies for its implementation.

The Speaker, of Akwa Ibom State House of Assembly, Mr. Aniekan Bassey on his part, assured of due legislative processes for speedy passage of the 2023 estimates.

The presentation was witnessed by past and serving legislators, members of the state executive council, and stakeholders from various sectors.

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