Governor Udom Emmanuel of Akwa Ibom State 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 Akwa Ibom House of Assembly.
The Appropriation Bill comprised 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 as against the approved revised provision of N260 billion for 2021.
The governor said the preparation of the budget was guided by the International Public Sector Accounting Standard (IPSAS).
He said the 2022 Budget was christened “Budget of re-defining Standards”.
Mr Emmanuel 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.
He said the budget would focus on the “8-Point Completion Agenda” to include industrialisation, education, aviation development, rural and riverine area development, agriculture, small and medium scale enterprises, infrastructure expansion and consolidation, security and human capacity development.
According to him, the comprehensive economic agenda cuts across all aspects of Sustainable Development Goals (SDGs).
He said: “We intend to achieve a sizeable number of the SDGs targets as we implement the 2022 budget. The main thrust, however, of the 2022 Budget is to create more jobs for our teeming youths.
“The policy objectives of the 2022 budget is to stimulate the state’s economy with a view to creating more opportunities for gainful employment of our citizens through industrialization and agriculture.
“Economic growth and job-generating infrastructural investments in roads, bridges, renewable energy and communication technologies.
“Promotion of small and medium scale enterprises (SMEs) as well as enhancement of local capacities in manufacturing and use of “made in Akwa Ibom” goods and services to create jobs and achieve self-sufficiency in critical sectors of the state’s economy.
“Creation of jobs using labour-intensive methods in key areas including aviation, agriculture, facility maintenance, housing, inter-ministerial and ministerial direct labour interventions.
“Continuation and enhancement of the pro-poor stimulus packages to the poor and vulnerable groups.
“Economic diversification, environmental safety, wealth creation, food sufficiency, health and social security.”
In his remarks, the Speaker of the House of Assembly, Aniekan Bassey, assured the governor that the lawmakers would quicken the consideration process to ensure speedy passage of the 2022 budget estimate.