Budget of actualisation: Gov. Akpabio proposes N469.374bn for 2014 financial year

Governor Akpabio presenting budget of actualisation

If the State House of Assembly would not effect any last minute adjustment, the Oil- rich State, Akwa Ibom, is to spend N469.374 billion in the 2014 fiscal year.

This amount, which was presented to the State House of Assembly Wednesday afternoon of 11th December, by Governor Godswill Akpabio, is against the total Revised Appropriation of N599.180 billion for 2013 fiscal year.

Akpabio, who was accompanied to the Hallowed chamber by the deputy governor, Noble Lady Valerie Ebe, the SSG, Mr Udom Emmanuel, Commissioner for Finance, Mr Bassey Albert Akpan as well as the HOS, Mrs Cecilia Umoessien, told the legislators that the budget is christened: "Budget of Actualization".

Only N74.207billion (16%) of the budget is allocated to recurrent expenditure, while the remaining N303.870billion (65%)is for capital projects and programmes and Consolidated Revenue Fund Charges is N91.297billion (19%).

The governor noted that the 2014 budget is based on International Public Sector Accounting Standards (IPSAS), which identifies the functions and services of. government as belonging to different sectors of Administration, Economic, Law and Justice, Regional and Social.

The 2014 budget according to Governor, has been carefully packaged to sustain and actualize the current industralization paradigm and on-going projects in the development of the State.

"This administration is very determined to continue the Uncommon Transformation in order to attract uncommon investment to Akwa Ibom", said the governor.

In his remark, the Speaker, Rt Hon Sam Ikon, while describing the governor's visit as "gallantry", commended him for the uncommon performance he had so far exhibited in the management of the affairs of the state which he said has translated in tangible projects, such that even a blind man can feel.

He however pledged the lawmakers' support for the governor's development aspirations
and ideas.

"We will continue to work shoulder to shoulder in other to ensure dividends of democracy get to all and sundry in our dear State", the Speaker emphasized.

Meanwhile, plenary was adjourned to be reconstituted, Tuesday, 14th January, 2014 by 10:02hrs.