Budget tracker: Gov. Udom of Akwa Ibom presents N365bn budget for 2017

by Usman Alabi

Gov Udom Emmanuel of Akwa Ibom presented a budget of N365 billion to the State House of Assembly.

The budget proposal was made up of N193.9 billion for capital expenditure, N88.4 billion recurrent expenditure and N82.8billion consolidated revenue fund charges.

The budget is lower than the N423 billion budgeted for 2016 by N58 billion representing 13.7 per cent.

Sources of financing the budget includes derivation funds estimated at N120 billion, Internally generated revenue (IGR) 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

The budget tagged budget of consolidation is aimed at expanding the economic activities of the state and promoting industrialization.

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