The budget estimate earmarked N111. 225 billion for recurrent expenditure, N369. 642 billion for capital expenditure and N116.933billion for consolidated revenue fund charges.
Presenting the budget to the State House of Assembly, Emmanuel said the 2020 budget is predicated on an oil benchmark of $55 per barrel at a production rate of N2.18 million barrels per day with an exchange rate of N305 per US$ in line with the national budget benchmark projections.
According to the governor, the 2020 budget was christened Budget of Industrialisation for Poverty Alleviation Phase II, adding that the state has witnessed a breakthrough in industrialisation with the construction and commissioning of some firms to generate employment.
“The policy thrust of the 2020 budget, the first in the second term of this administration will be to continue to gradually metamorphosed Akwa Ibom State from a civil service state to a largely private sector driven state, depending less on statutory allocation as the main source of revenue to the state'''.
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