Governor Udom Emmanuel of Akwa Ibom State on Wednesday signed the 2020 Appropriation bill of N597.735b into Law.
Recall that the state House of Assembly had on December 5, 2019, passed the N597.735billion budget estimate for the 2020 fiscal year into law.
The approved figure was against the proposed N597.800 billion presented to the legislature by the executive on October 8, 2019.
A breakdown of the budget as passed and signed indicates that the sum of N111.250 billion has been set aside for recurrent expenditure, N369.577 billion for Capital expenditure, while N116. 934 billion is billed for Consolidated Revenue Fund Charges.
The brief budget signing ceremony was witnessed by the Speaker, Akwa Ibom state House of Assembly, Mr. Aniekan Bassey at the Government House Uyo.
Also present were members of the State Executive Council including the Commissioner of Finance Mr. Linus Nkan, state Attorney General and Commissioner for Justice, Mr. Uwemedimo Nwoko.
Christened ‘The Budget of Industrialisation for Poverty Alleviation phase 2’, the 2020 budget, according to Governor Emmanuel is designed as a key milestone in actualizing his completion agenda.