Akwa Ibom Governor, Udom Emmanuel, on Friday, presented the state 2018 budget estimates to the state House of Assembly.

The budget total is N651.500 billion, which is a significant increase compared with the N485.792 billion that was budgeted for the 2017 fiscal year.

Mr. Emmanuel told the lawmakers that the administration was planning to spend N437.674 billion on Capital Expenditure, N92.697 billion on the Recurrent Expenditure, and N120.859 billion on Consolidated Revenue Fund Charges for the 2018 fiscal year.

The budget, as usual, is to be funded largely through money from the oil derivation fund that would accrue to the oil-rich state.

Mr. Emmanuel said the state expects N200.800 billion from the derivation fund in 2018.

Other sources of funding the budget, according to the governor, are Internally Generated Revenue (IGR) N35.496 billion; Statutory Allocation from the Federation Account, N25.000 billion; Value Added Tax (VAT), N12.000 billion; and Budget Support, N 13.200 billion.

For sectoral allocations in the budget estimates, Road, Works and Transport take the highest share of N211.423 billion.

The governor said he intends to use the money to continue his administration’s “road revolution” in the state.

“The importance and necessity of good roads and an efficient transportation system in the lives of the citizenry and the attraction of investors to the state cannot be over-stressed,” Mr. Emmanuel said.


“To this end, my administration has embarked on massive construction and rehabilitation of roads and bridges, improvement and maintenance of standard urban electricity supply, installation, and reactivation of street lights along major roads and streets as well as providing fire prevention and protection equipment.

“To date, 1202 kilometers of road and 17 bridges were constructed, commissioned or at various stages of completion.

“We are constructing over 45 internal roads in Uyo Metropolis covering Shelter Afrique, Osongama and Ewet Housing Estates, several kilometers of internal roads have been commissioned or are ongoing in both Eket and Oron Local Government Areas respectively.

“Eket-Ibeno Road which was impassable has been completed and commissioned. Work has resumed on Uyo-Ikot Ekpene road, following the payment of compensation and other legal issues. The drainage at Nsikak Eduok which was a major problem has been constructed and commissioned. The Information Drive in Uyo has been completed and commissioned and work is ongoing on the 35 kilometers Super highway in Ibaka,” the governor said.

Governor Emmanuel told the lawmakers that he intends to revisit the multi-billion naira Ibom Tropicana Entertainment Center, one of the signature projects of the past administration of Godswill Akpabio, which appeared to have been abandoned for some time now.

Mr. Emmanuel said that part of the reasons he was allocating N14.604 billion to the culture and tourism sector was to enable the government complete the Tropicana which has within it, a Cineplex, Galleria, Malls, Dry and Wet Park, Hotels and Convention Centre.

He said in addition the government would expand the facilities in the Ibom Le Meridien Hotel and Golf Resort, as well as build a Cross/Pilgrims Park in the state in order to boost tourism and generate revenue eventually for the state.

The governor proposed N10.526 billion for education and also expressed his commitment towards the state’s free and compulsory education programme.

The allocations to other sectors are as follows: Health, N8.210 billion; Environment, N2.795 billion; Rural Development, N1.530 billion; Lands, Housing and Urban Development, N54.631 billion; Agriculture, N17.913 billion; Science and Technology, N1.950 billion; and Investment, Commerce and Industry, N6.800 billion.

“We promise a faithful implementation of the Budget for the general good and happiness of our people,” the governor told the lawmakers.

He added, “Our resolve to alleviate poverty and restore hope, create wealth, generate employment, stimulate agriculture and industrial development and maximize the overall well-being of our people is inflexible.”

rollingrocks:
Why will this FOOOOOOOL of a governor decide to build a 10000 capacity CATHEDRAL in a state that needs economic revival?

Blue3k:


What Cathedral? Do you mean the 10,000 capacity stadem in Eket? Funny enough the majority want it going by Nairaland thread I posted. I wouldn't say he's doing nothing considering he attracted a few private firms like jubilee syringe factor, the metering plant. They state could be doing more.

rollingrocks:


The man wants to build a CATHEDRAL, i know the difference between a cathedral and a stadium, is he OK at all.

Blue3k:


Well I dont see anytging pop up on google. All that comes up is him surving chuch collapse. I dont see why he should be building churces but its not first odd thing to happen during his tenure.

A befitting Cathedral that will be the first of its kind upon completion is in the offing as well as the 21 Storey modern edifice situated at where the old Uyo Market is being constructed by Julius Berger.

rollingrocks:

https://m.facebook.com/story.php?story_fbid=778956612305116&id=223506687850114

aribisala0:
Where will the money come from?

They only accounted for 280 billion where will 370 billion coe from?

Is this not delusional

Exclusive32:
where will you see the money?

The 2018 Budget is predicated on oil benchmark of $45 per barrel at a production rate of N2.3million barrels per day with an estimated exchange rate ofN305/US$, in line with the National Budget benchmark projections.

Other sources of funding the budget, according to the governor, are Internally Generated Revenue (IGR) N35.496 billion; Statutory Allocation from the Federation Account, N25.000 billion; Value Added Tax (VAT), N12.000 billion; and Budget Support, N 13.200 billion.

Blue3k:



The basis for budget.

aribisala0:

The story says they expect less than 300 billion from oil + VAT + allocation

Less than HALF of the budget

WHERE WILL THE REST COME FROM?

If theyy did not haave such a budget when oil was $100 please explain how it will happen now?

Blue3k:


Debt

aribisala0:
So why not say so instead of posting all that jazz

when the plan is to fund more than half by debt?


more than half of the budget from debt ? how much will that cost? How will they pay it back?
Who will lend it? How much do they owe already

In one year that will be the biggest borrowing by a state government .

over 300 billion.Is this realistic?

Blue3k:


Common sense tells most people if revenue doesn't cover expenses debt has to be used. Second this isn't a new occurrence. Last year projected revenue was N188.500 and budget was N485.792.

The debt comes from many sources foreign and domestic. The ministry of finance had those statistics. Year to year Akwa Iboms debt to revenue better than most states statistically. The only way to solve debt problem is make more revenue and cut cost.

Blue3k:


Debt The projected revenue 289 billion. Last year's was less than that. The only way I know how to cover shortfalls is debt.

aribisala0:

Common sense may suggest that the government does not know what they are doing and are incompetent
It all depends on which edition of common sense you are using.

No state in Nigeria has ever EVER borrowed this kind of money.So common sense would dictate that should be the headline ,VERY EXPLICIT and not left to common sense because it is not enough to say we will borrow BUT who will lend it (I don't believe) such al ender exists and also on what terms and what reaymment schedule.
Have they negotiated the loan or just assume they will find a lender.

Like I posted above @ 10 % interest that would mean repayments immediately of 3.9 billion every month for 10 years

WeEven if they succeed in finding a lender it is very likely to be @ higher interest rates and for a shorter term

.
To my mind this budget sounds like fantasy

Blue3k:


You're saying telling me the budget impossible?

aribisala0:

No ,It is very possible. I have not said it is not possible
What is your point?

aribisala0:

it is not enough to say we will borrow BUT who will lend it (I don't believe) such a lender exists and also on what terms and what reaymment schedule.
Have they negotiated the loan or just assume they will find a lender.

To my mind this budget sounds like fantasy

aribisala0:
My point is it would be very irresponsible to borrow that kind of money because it is not necessary to do so. IF the state succeeds in borrowing the interest rate would be unconscionable and if would mortgage the future of the state for no justifiable reason.
I would agree with that kind of borrowing if all of it went into delivering sea port.

aribisala0:
I can only assume you are doing a paid job starting this thread and posting all this ignorant rubbish