Governor Udom Emmanuel of Akwa Ibom on Tuesday presented the 2020 budget of N597 billion to the state House of Assembly for consideration.
The budget is made up of N111 billion recurrent expenditure, N369 billion capital expenditure and N116 billion consolidated revenue.
Mr Emmanuel said the budget christened “Budget of Industrialisation for Poverty Alleviation Phase II,” was targeted at building more industries as well as attracting direct foreign investment to the state.
The governor said the preparation of the budget was guided by the International Public Sector Accounting Standard (IPSAS).
Mr Emmanuel said the policy objective of the budget was to broaden and diversify the state’s resource base through improvements in Internally Generated Revenue (IGR).
The News Agency of Nigeria (NAN) reports that the budget is lower than the 2019 figure of N672 billion.
Highlights of the budget showed that roads and transport got N115billion; Education N11 billion; Agriculture N12 billion; Land, Housing and Urban Development N53 billion; Investment, Culture and Industry N6 billion; and Health N4 billion.
In his remarks, Speaker of the house, Aniekan Bassey, assured the governor that the lawmakers would quicken the consideration process to ensure speedy passage of the budget. (NAN)