Gov. Udom Emmanuel of Akwa Ibom has presented the 2020 budget of N597
billion to the state House of Assembly for consideration.
The budget christened “Budget of Industrialisation for Poverty Alleviation
Phase II” is made up of N111 billion recurrent expenditure , N369 billion
capital expenditure and N116 billion consolidated revenu, targeted at building
more industries as well attracting direct foreign investment to the state.
The governor said that the preparation of the budget was guided by the
International Public Sector Accounting Standard (IPSAS).
Emmanuel said the policy objective of the budget was to broaden and
diversify the state’s resource base through improvements in Internally
Generated Revenue (IGR).
The budget is lower than the 2019 figure of N672 billion.
Highlights of the budget showed that roads and transport got N115billion;
Education N11 billion; Agriculture N12 billion; Land, Housing and Urban
Development N53 billion; Investment, Culture and Industry N6 billion; and
Health N4 billion.
In his remarks, Speaker of the house, Aniekan Bassey, assured the governor
that the lawmakers would quicken the consideration process to ensure speedy
passage of the budget.
