…as state EXCO estimates N136.5bn, seeks legislative approval
Ubong Sampson – Uyo
Akwa Ibom State Government has sought the approval of the state’s legislative arm for a proposed supplementary budget for the 2021 fiscal year.
The supplementary budget is estimated at N136,504,539,000 with recurrent estimates at N39,302,000,000 and capital estimates at N97,202,539,000.
A statement by the Commissioner for Information and Strategy in the state, Ini Ememobong that sought to brief the public on the development, the budget estimates were approved by the State Executive Council during its last meeting on Friday and forwarded to the state house of assembly for onward review, consideration and subsequent approval.
According to the statement, the supplementary estimates which were presented at the meeting by the finance commissioner, Linus Nkan, were based on inflation, exchange rate and other financial accidentals.
The statement hinted that the extra budget proposal was prompted by natural disasters that were not captured in the main budget had occurred in the past few months and require urgent government intervention.
Meanwhile, the main budget for the 2021 fiscal years as presented by Governor Udom Emmanuel last October was estimated at N435.652bn with a recurrent expenditure of N158.403bn, capital expenditure of N226.964bn and consolidated revenue fund charge of N50.285bn.
The budget which the governor christened “Budget of Economic Reconstruction” had sectoral allocations of 23.02% for administration, 61.43% for the economic sector, 2.14% for law and justice, 0.35% for regional, and 13.2% for the social sector.
After the usual legislative process or review and consideration by the legislature in the state, the budget was eventually approved at N456.251bn, with an upward review of about 5%. The approved budget had N164.515b for recurrent expenditure after an upward review by N6.112b; N241.451bn for capital expenditure after an upward review by N14.487; and N50,285bn maintained from the initial proposal for consolidated revenue fund charge.
