Akwa Ibom State Governor, Umo Eno, on Tuesday, presented a total budget proposal of N845.63 billion for the 2024 Financial Year to the state House of Assembly for consideration.

The budget is against the revised provision of ₦850.00 billion for the 2023 fiscal year.

The Governor said the budget comprised of recurrent expenditure of N352.92 billion and capital expenditure of N492.72 billion.

He also said that the total projected recurrent revenue for 2024 is estimated at ₦561.00 billion as against the approved revised provision of ₦540.850 billion representing a 3.7 per cent increase in revenue projection for the year 2024.

Christened “ARISE Budget for Growth and Expansion”, Eno said the budget is predicated on an oil benchmark of $73.96 per barrel at a production rate of 1.78 million barrels per day with an estimated exchange rate of N700 /US$.

He said the total capital receipts and expenditure for 2024 is estimated at N492.715 billion as against the approved revised provision of N455.685 billion for 2023, adding that total projected capital receipts show that N208.083 billion will be transferred from the Consolidated Revenue Fund

Eno said, “To realise the 2024 Budget objectives, the following strategies shall be adopted by the state government; partner with foreign investors to invest in the relevant and key sectors of the state economy and undertake robust human capital development.

“Widen the industrial base of the state through rapid industrialisation and investment activities by providing an enabling environment for the private sector to thrive.

“This is to enhance the availability of goods and services for domestic use as well as for export.

“Achieving at least 10 per cent increase in IGR by eliminating evasion in payment, wastages and leakages in collection and expenditure and developing tourism potentials.”

Eno added that the 2024 budget would stimulate the agricultural and agro-allied industries to boost the production of local farmers to ensure food sufficiency for local consumption, exports and the provision of raw materials for the industries.