Udom Emmanuel of Akwa Ibom State , has presented 2019 budget of N 670. 72bn to the state House of Assembly for consideration.
It is made up of N 97. 09bn recurrent expenditure and N 445. 94bn for capital expenditure while consolidated revenue is N 127 . 69bn.
Emmanuel said the total projected recurrent revenue for the year was N 374 . 24bn as against N 289 bn estimated in 2018.
Christened ‘ Budget of Industrialisation for Poverty Alleviation , ’ Emmanuel said the budget was intended to build more industries and attract more direct foreign investment.
According to him , the 2019 budget is also predicated on oil benchmark of $ 60 per barrel at a production rate of N 2 . 3 m barrels per day, with estimated exchange rate of N 305 / US$.
The policy objectives of 2019 budget are to broaden and diversify the state ’ s resource base through improvements in the collection of Internally Generated Revenue, the governor said
It is also intended to boost production by local businesses through the promotion of trade, commerce and tourism between the state and the rest of the world and to develop agriculture through the supply of improved agricultural inputs, credit and extension services .
The governor added that policy objectives of the 2019 would also be to maintain a good working relationship with the central government in order to attract federal presence to the state.