Akwa Ibom State Governor, Udom Emmanuel, has proposed a total budgetary outlay of 426 billion Naira for the 2016 financial year.
The Governor made the presentation of the financial plan to the Akwa Ibom State House of Assembly on Tuesday in Uyo, the capital of the Nigerian southeast state.
While a breakdown of the budget, which was titled “Budget of Sustainable Development” showed that the 2016 estimate was 62 billion Naira less than the 2015 proposal, Governor Emmanuel said the reduction was in line with global economic realities.
Of the total budget, 92.964 billion Naira was meant for recurrent expenditure, 245 billion Naira was planned for capital expenditure while consolidated revenue charges was allotted 88.036 billion Naira.
He said the budget which was based on International Public Sector Accounting Standards (IPSAS), was to rapidly industrialise the state and create opportunities for growth and advancement of the people through his Five-point Agenda of job creation; poverty alleviation; wealth creation; economic and political inclusion; as well as infrastructural consolidation and expansion.
The Speaker of Akwa Ibom State House of Assembly, Mr Onofiok Luke, who was newly elected on Monday, promised to ensure speedy passage of the budget, as he presided over the session which was his first official assignment.
The budget presentation is coming few days after the Court of Appeal in Abuja nullified the governorship election held in Akwa Ibom State won by Mr Udom on the platform of the Peoples Democratic Party.
The judgement was delivered on Friday in Abuja by the lead judge, Justice Adedotun Adefope-Okojie.
In the judgement, the five-man panel also ordered a fresh election in Akwa Ibom, hinging their decision on what they called substantial non-compliance with the Electoral Act.
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