On Tuesday, the Akwa Ibom State Governor, Udom Emmanuel, presented a budget outlay of N597.8bn to the state House of Assembly for the 2020 fiscal year, Brainnews report.
According to the budget, it is made up of N111.225bn for Recurrent Expenditure and N369.642bn for Capital Expenditure, while Consolidated Revenue Fund charges stood at N116.933bn
The budgetary estimates represent a decrease of about N75.185b from 2019 budgetary provision of N672.985bn.
The total projected recurrent revenue for the budget was estimated at N381.556bn as against the approved provision of N374.758bn in 2019 with N52.556bn expected from Internally Generated Revenue, N52bn from Statutory Allocation, N255bn from Derivation Fund, while N2bn was expected from Retained Revenue from parastatals and N20bn from Valued Added Tax, the governor said.
He noted that the 2020 budget was predicated on an oil benchmark of $55 per barrel at a production rate of N2.18m barrels per day, with an estimated exchange rate of N305/US dollars in line with the national budget benchmark projections.