Gov Udom Emmanuel of Akwa Ibom has presented a budget of N365 billion for 2017 to the state House of Assembly.
The governor said in Uyo on Thursday that the proposal was made up of N193. 9 billion for capital expenditure, N88.4billion recurrent expenditure and N82.8billion consolidated revenue fund charges.
Mr. Emmanuel explained that the 2017 budget size was lower than the N423 billion budgeted for 2016 by N58 billion, representing 13.7 per cent.
Mr. Emmanuel said the sources of financing the budget include derivation fund estimated at N120 billion, internally generated revenue of N27.8 billion and statutory allocation of N15 billion.
Other sources are retained revenue from parastatal groups estimated at N2.32 billion while value added tax would give N10 billion.
Christened the “Budget of Consolidation”, it is aimed at expanding the economic activities in the state as well as promoting the industrialisation policy of government.
Mr. Emmanuel said the budget would focus on promotion of trade, commerce and tourism between Akwa Ibom and the rest of the world.
Speaker of the State House of Assembly, Onofiok Luke, promised that the House would give the Bill speedy attention.
Mr. Luke said the legislature would be thorough in the performance of its oversight functions to ensure that the budget was properly implemented for the benefit of the citizens.
The speaker thanked the state governor for putting in his best to keep the state going in this period of economic recession.
He pledged that the State Assembly would always cooperate with the executive arm to bring succour to the citizens. (NAN)