By Adeleye Kunle
The Governor of Akwa Ibom State, Mr Udom Emmanuel, on Monday, November 7, presented a proposed budget of N697.005 Billion to the state House of Assembly for the 2023 fiscal year.
The budget christened ‘Budget of Completion’ is against the approved revised provision of N631.881 of 2022, representing an increase of 10% from the 2022 revised budget.
He said the 2023 Budget is predicated on an oil benchmark of $70 per barrel at a production rate of 1.69 million barrels per day with an estimated exchange rate of N435.57/USS.
The governor explained that the budget, prepared in accordance with International Public Sector Accounting Standards (IPSAS) Accrual template, was estimated at a total of N344 005 billion as Recurrent Expenditure while N353.000 billion would go into Capital Expenditure
