On Tuesday, Akwa Ibom State Governor, Umo Eno, presented the 2024 Financial Year budget proposal to the state House of Assembly, amounting to a total of N845.63 billion.

This figure stands in contrast to the revised provision of ₦850.00 billion for the 2023 fiscal year.

Governor Eno outlined that the budget encompasses recurrent expenditure of N352.92 billion and capital expenditure of N492.72 billion.

The anticipated recurrent revenue for 2024 is estimated at ₦561.00 billion, marking a 3.7 per cent increase compared to the approved revised provision of ₦540.850 billion for the year 2023.

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Dubbed the “ARISE Budget for Growth and Expansion,” Eno provided insight into the budget’s foundation, relying on an oil benchmark of $73.96 per barrel, a production rate of 1.78 million barrels per day, and an estimated exchange rate of N700/US$.

The total capital receipts and expenditure for 2024 are projected at N492.715 billion, surpassing the approved revised provision of N455.685 billion for 2023.

Notably, N208.083 billion is expected to be transferred from the Consolidated Revenue Fund.

To achieve the objectives of the 2024 budget, Governor Eno outlined strategic approaches, including partnering with foreign investors to invest in key sectors, robust human capital development, and widening the industrial base through rapid industrialization.

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The aim is to create an enabling environment for the private sector, stimulate at least a 10 per cent increase in Internally Generated Revenue (IGR), and develop tourism potential.

Eno emphasized that the 2024 budget is designed to stimulate agricultural and agro-allied industries, boosting local farmers’ production for food sufficiency, exports, and providing raw materials for industries.