Governor Godswill Akpabio of Akwa Ibom State, has presented a total sum of N309.509 billion for the 2011 appropriation bill of to the State House of Assembly with special emphasis on industrialization, security, healthcare, education, completion of ongoing people-oriented projects among others.
The figure represents a decrease of N75.837 billion or 19.7 percent over the 2010 Revised Budget of N385.346 billion.
The 2011 budget estimates is based on the state’s projected recurrent revenue of N233.595 billion as against the revised estimates of N238.867 billion for 2010.
Of the total proposed budget, N52.207 is allocated to recurrent expenditure while N257.302 billion is for capital projects and programmes.
Christened Budget of Consolidation and Transformation, Governor Akpabio said the major policy thrust and objectives of the 2011 budget is predicated on the completion of ongoing people-oriented projects and the establishment of new industries the state.
The governor said the budget will as well seek to develop human capital and enhance services in the education and health services sectors with the view to improving the living standard of the people.
To actualize the policy thrust and objectives of the 2011 budget, the governor disclosed that emphasis would be given to the diversification of the revenue sources of the state.
He explained that agriculture, Micro Small and Medium Enterprise Scheme(MSMEs) and the aviation and maritime subsectors of the state’s economy would be exploited as the major economic growth drivers.