The Akwa Ibom State governor, Pastor Umo Eno, has presented a budget of N845.632 billion for the 2024 Financial Year to the state house of assembly.
The budget, which has recurrent expenditure of N352.917 billion and capital expenditure of N492.715 billion, represents a decrease of 0.5% from the 2023 revised budget.
Governor Eno said the budget was predicated on an oil benchmark of $73.96 per barrel at a production rate of 1.78 million barrels per day and an exchange rate of 700 /US$, in line with the national budget benchmark projections.
“The total projected recurrent revenue for 2024 is estimated at 561.000 billion as against the approved revised provision of 540.850 billion representing a 3.7% increase in revenue projection for the year 2024,” he said.
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The governor pledged to increase the state’s internally generated revenue (IGR) by 10%.
This, he said, would be achieved by ending tax evasion, blocking leakages and developing tourism potential.
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