Akwa Ibom State’s Commissioner for Finance, Dr Linus Nkan, has given insight into why the 2024 budget of the state is N4.368 billion less (0.5%) in comparison to the revised 2023 budget.
DAILY POST recalls that Governor Umo Eno on Tuesday presented to the Akwa Ibom State House of Assembly a budget estimate of N845.632 billion for the 2024 financial year as against the revised N850 billion presented in 2023 by the immediate past governor, Udom Emmanuel.
In a chat with journalists in Uyo on Wednesday, the Finance Commissioner admitted that it was the first time in history that the current year’s budget was less than the previous year.
According to him, the governor had earlier briefed the finance managers of the state that he would not want a bogus budget but one that would be implementable and realisable.
He also revealed the governor’s plan to cut down the cost of governance in 2024 and do people-centric projects, hence the reduction in recurrent expenditure and increase in capital expenditure.
According to him: “A look at the budget shows that it is people-oriented. When we gave him (the governor) the budget to look at, he came back saying that we should take him item by item and he made sure that the budget was not as bogus as it used to be. The budget is clear, purposeful, and very pragmatic. The economic sector takes the lion’s share of the budget.”
He continued: ”The governor is working to reduce the cost of governance by promoting fiscal transparency, accountability, and the strengthening of public procurement.”
‘Why 2024 budget is N4bn less’ – A’Ibom’s finance commissioner