The Akwa Ibom State Governor, Udom Emmanuel, has presented a budget proposal of N670.718 billion for the 2019 fiscal year.
The budget christened Budget of Industrialization for Poverty Alleviation was presented on Wednesday to the state House of Assembly.
It comprised N445.936 billion for Capital Expenditure, N97.096 billion for Recurrent Expenditure, and N127.686 billion for Consolidated Revenue Fund Charges.
Presenting the budget to the state House of Assembly, Emmanuel said the 2019 budget is predicated on an oil benchmark of $60 per barrel at a production rate of N2.3 million barrels per day with an exchange rate of N305 per US$ in line with the budget benchmark projections.
According to Gov Udom, the state had started witnessing a breakthrough in industrialisation with the construction and commissioning of some firms.
“The policy thrust of the 2019 budget is aimed at reducing dependence on statutory allocation as the main source of revenue of the state,” he said.
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