Akwa Ibom government to start social investment and proposes 697 billion naira for 2023 budget
Governor Udom Emmanuel of Akwa Ibom State on Monday unveiled a social investment plan to be implemented in the state over the next 12 months, although he has seven months left in office.
The governor, during Monday's presentation of the 2023 budget to the Akwa Ibom Assembly, said the "pro-poor spending program" will begin "within the remaining party of the year 2022."
Governor Emmanuel, who will embark on such a distribution of largesse to state residents for the first time in more than seven years of his administration, did not reveal how the recipients would be selected.
Under this scheme, according to Emmanuel, 1,950 beneficiaries would receive N10,000 for twelve months under the social transfer scheme, while 1,500 natives would be engaged in certain jobs for a monthly allowance of N10. 000 naira, no time limit.
“Livelihood Grant Scheme – This will be for 975 natives for short-term livelihood support accompanied by soft skills training and a one-off payment of at least ₦190,000 each and targets young workers independent from Akwa Ibom State.
"An additional 5,735 farmers in the state will have access to improved agricultural infrastructure such as the construction or rehabilitation of canals, roads and warehouses, while 8,125 farmers will have access to agricultural assets to intensify production agriculture and small-scale food processing.
“Small and Medium Enterprises (SME) Scheme – around 14,000 SMEs in the state will be captured for a grant of ₦100,000 – ₦150,000 to encourage job retention after several bouts of economic shutdowns (Covid - 19) that have affected small and medium-sized businesses in the state,” Governor Emmanuel said.
The budgetThe 2023 budget, which is the last to be presented by Mr. Emmanuel as governor of the state, is 697.005 billion naira. Mr. Emmanuel called it the "completion budget".
It focuses on consolidating the administration's 8-point completion program, including industrialization, aviation development, and infrastructure expansion, among others.
READ ALSO: NNPCL and Akwa Ibom government sign agreement to establish logistics center
The proposed 2023 budget is 10% higher than the 2022 budget which was N631.881 billion.
Mr. Emmanuel proposes N344 billion for recurrent expenditure and N353 billion for capital expenditure.
According to the governor, the budget is projected on an oil benchmark of $70 a barrel at a production rate of 1.69 million barrels per day with an estimated exchange rate of 435.57 naira per US dollar.
The sector allocation shows that education got 50.6 billion naira, while health got 30.5 billion naira and agriculture 14.1 billion naira.
Support the integrity and credibility journalism of PREMIUM TIMES Good journalism costs a lot of money. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government. For free and continued access to the best investigative journalism in the country, we ask that you consider providing modest support to this noble endeavour. By contributing to PREMIUM TIMES, you help sustain relevant journalism and keep it free and accessible to everyone.Donate
[embedded content]TEXT ANNOUNCEMENT: Call Willie - +2348098788999
Governor Udom Emmanuel of Akwa Ibom State on Monday unveiled a social investment plan to be implemented in the state over the next 12 months, although he has seven months left in office.
The governor, during Monday's presentation of the 2023 budget to the Akwa Ibom Assembly, said the "pro-poor spending program" will begin "within the remaining party of the year 2022."
Governor Emmanuel, who will embark on such a distribution of largesse to state residents for the first time in more than seven years of his administration, did not reveal how the recipients would be selected.
Under this scheme, according to Emmanuel, 1,950 beneficiaries would receive N10,000 for twelve months under the social transfer scheme, while 1,500 natives would be engaged in certain jobs for a monthly allowance of N10. 000 naira, no time limit.
“Livelihood Grant Scheme – This will be for 975 natives for short-term livelihood support accompanied by soft skills training and a one-off payment of at least ₦190,000 each and targets young workers independent from Akwa Ibom State.
"An additional 5,735 farmers in the state will have access to improved agricultural infrastructure such as the construction or rehabilitation of canals, roads and warehouses, while 8,125 farmers will have access to agricultural assets to intensify production agriculture and small-scale food processing.
“Small and Medium Enterprises (SME) Scheme – around 14,000 SMEs in the state will be captured for a grant of ₦100,000 – ₦150,000 to encourage job retention after several bouts of economic shutdowns (Covid - 19) that have affected small and medium-sized businesses in the state,” Governor Emmanuel said.
The budgetThe 2023 budget, which is the last to be presented by Mr. Emmanuel as governor of the state, is 697.005 billion naira. Mr. Emmanuel called it the "completion budget".
It focuses on consolidating the administration's 8-point completion program, including industrialization, aviation development, and infrastructure expansion, among others.
READ ALSO: NNPCL and Akwa Ibom government sign agreement to establish logistics center
The proposed 2023 budget is 10% higher than the 2022 budget which was N631.881 billion.
Mr. Emmanuel proposes N344 billion for recurrent expenditure and N353 billion for capital expenditure.
According to the governor, the budget is projected on an oil benchmark of $70 a barrel at a production rate of 1.69 million barrels per day with an estimated exchange rate of 435.57 naira per US dollar.
The sector allocation shows that education got 50.6 billion naira, while health got 30.5 billion naira and agriculture 14.1 billion naira.
Support the integrity and credibility journalism of PREMIUM TIMES Good journalism costs a lot of money. Yet only good journalism can guarantee the possibility of a good society, an accountable democracy and a transparent government. For free and continued access to the best investigative journalism in the country, we ask that you consider providing modest support to this noble endeavour. By contributing to PREMIUM TIMES, you help sustain relevant journalism and keep it free and accessible to everyone.Donate
[embedded content]TEXT ANNOUNCEMENT: Call Willie - +2348098788999
What's Your Reaction?
