Akwa Ibom Governor Allocates N492bn for Capital Expenditures in 2024 Budget

Akwa Ibom State Governor, Pastor Umo Eno has presented a budget of N845.63 billion for the 2024 Financial Year to the State House of Assembly for consideration and approval.

The 2024 financial estimate comprised Recurrent Expenditure N352.92 billion and Capital Expenditure of N492.72 billion.

Eno said the total projected recurrent revenue for 2024 is estimated at N561 billion as against the approved revised provision of N540.850 billion representing 3.7 per cent increase in revenue projection for the year 2024.

He said the 2024 budget, which is christened “ARISE Budget for Growth and Expansion” is predicated on an oil benchmark of $73.96 per barrel at a production rate of 1.78 million barrels per day with an estimated exchange rate of N700/US$.

The governor added that the total Capital Receipts and Expenditure for the year 2024 is estimated at N492.715 billion as against the approved revised provision of N455.685 billion for 2023.

A total projected Capital Receipts shows that N208.083 billion will be transferred from the Consolidated Revenue Fund.