Akwa Ibom State governor Udom Emmanuel yesterday presented a budget
proposal of N426billion for the 2016 fiscal year as against N484 billion
in 2015.
The governor, who announced this during the budget
presentation at the state House of Assembly in Uyo, said that the
proposed budget was predicated on benchmark of $28 per barrel in
alignment with the federal government at the production rate of two
million barrels per day.
According to him, the price benchmark is
envisioned as based on the current decline in the global reduction in
crude oil price and production level which is below OPEC quota.
He
further stated the budget outlay comprised current expenditure of
N92.964billion, capital expenditure of N2.5billion while the
consolidated revenue charge is N88billion.
Named, “Budget of
consolidation and continuity,” the governor explained that his
administration will not only create enabling environment for the
industrial growth of the state but also ensure the security of lives and
properties of the people.
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