Akwa Ibom State Governor, Udom Emmanuel yesterday presented a budget proposal of N426billion for the 2016 fiscal year as against N484 billion in 2015.
Emmanuel made the presentation of the financial plan to the Akwa Ibom State House of Assembly on Tuesday in Uyo, the state capital.
The Governor said the proposed “Budget of Sustainable Development” was predicated on benchmark of $28 per barrel in alignment with the Federal Government at the production rate of two million barrels per day.
The breakdown of the budget states that, 92.964 billion Naira was meant for recurrent expenditure, 245 billion Naira was planned for capital expenditure while consolidated revenue charges was allotted 88.036 billion Naira.
He said the price benchmark is envisioned as based on the current decline in the global reduction in crude oil price and production level which is below OPEC quota.
The budget which was based on International Public Sector Accounting Standards (IPSAS), was to rapidly industrialise the state and create opportunities for growth and advancement of the people through his Five-point Agenda of job creation; poverty alleviation; wealth creation; economic and political inclusion; as well as infrastructural consolidation and expansion.