Gov emmanuel proposes n597bn 2020 budget
A news article!
Here's a summary:
Akwa Ibom State Governor, Udom Emmanuel, Proposes N597 Billion 2020 Budget
The Governor of Akwa Ibom State, Udom Emmanuel, has presented a budget proposal of N597 billion to the State House of Assembly for the 2020 fiscal year. The budget, which is titled "Budget of Consolidation and Economic Diversification," is aimed at consolidating the state's economic gains and diversifying its revenue streams.
Key highlights of the budget include:
- Capital Expenditure: N243 billion, which represents 40.7% of the total budget, will be allocated to capital projects, including infrastructure development, education, healthcare, and agriculture.
- Recurrent Expenditure: N354 billion, which represents 59.3% of the total budget, will be allocated to recurrent expenditure, including salaries, pensions, and other administrative costs.
- Revenue Projections: The state government is projecting a revenue of N543 billion for 2020, with a deficit of N54 billion, which will be financed through internal and external borrowings.
- Priority Areas: The budget prioritizes education, healthcare, and infrastructure development, with allocations of N43 billion, N35 billion, and N30 billion, respectively.
- Agriculture: The budget allocates N10 billion to agriculture, aimed at promoting food security and diversifying the state's economy.
The Governor emphasized the need for the state to diversify its revenue streams and reduce its dependence on federal allocations. He also highlighted the importance of investing in human capital development and infrastructure to drive economic growth and development in the state.
The budget proposal is now before the State House of Assembly for consideration and approval.