Governor Godswill Akpabio of Akwa Ibom State on Tuesday announced a budget of over N462 billion for the 2015 fiscal year.
The budget as presented to members of the state House of Assembly by the governor showed that the 2015 estimate of the state is about N26 billion decreased compared to that of 2014 which was about N498.54 billion.
Christened: “budget of actualisation and continuity,” the 2015 budget is predicated on oil benchmark of 55 dollars per barrel at production rate of 1.5 million per day, according to Akpabio.
He said the general charter of the budget is anchored on an article of faith which is part of the renewal of the state for the past seven and half years which inspired the state government to do more.
The major policy trust of the budget, he said, was to complete ongoing projects in the state as well as handling new pressing ones.
The governor maintained that the cardinal objective of the 2015 budget is to expand and diversify the resource base of the state economy through encouragement of public private partnership (PPP) and direct private investment.
A breakdown of the budget showed that the sum of 253billion was for capital expenditure, while recurrent was put at N94.74 billion and consolidated fund was N114.26 billion. General Administration was given 93.6 billion, economy has N100.6 billion, law and judiciary got N7.8 billion, and regional has 3.80 billion.
Social has an estimate of N47.11 billion, education got N18.03 billion, science and technology has N1.34 billion, agriculture secured N5.82 billion, land, housing and urban development has a budget of N36.74 while commerce and industry has N11.16 billion and Health sector got N12.47 billion.
While handing over the budget document to the Speaker of the assembly, Samuel Ikon, the governor praised the state legislatures for their continued support of his administration for the past seven and half years.
He said the support he enjoys from the assembly was responsible for memorable achievements so far recorded by his administration.
Soliciting the cooperation of members of the assembly in the speedy passage of the budget, the governor promised to implement the budget faithfully for the general good and happiness of the people.