Politics
A’Ibom Budgets N597bn For 2020
Akwa Ibom State Governor, Udom Emmanuel, yesterday presented the 2020 budget of N597 billion to the state House of Assembly for consideration.
The budget is made up of N111 billion recurrent expenditure, N369 billion capital expenditure and N116 billion consolidated revenue.
Emmanuel said that the budget christened “Budget of Industrialisation for Poverty Alleviation Phase II” was targeted at building more industries as well attracting direct foreign investment to the state.
The governor said that the preparation of the budget was guided by the International Public Sector Accounting Standard (IPSAS).
Emmanuel said the policy objective of the budget was to broaden and diversify the state’s resource base through improvements in Internally Generated Revenue (IGR).
Our correspondent reports that the budget is lower than the 2019 figure of N672 billion.