ThisDay,  From Okon Bassey in Uyo,

Akwa Ibom state government is to spend a total of N288.834 billion for the 2010 fiscal year. This is against the N283.813 billion budgeted for the corresponding period in 2009. Appropriate
Governor Godswill Obot Akpabio who presented the budget to the State House of Assembly on Tuesday explained that N48.727 billion is for recurrent expenditure, while N240.107 billion is for capital expenditure.

The state financial estimate christened "Budget of Consolidation" has a total projected recurrent revenue of N206.867 billion representing an increase of N30.211 billion or 17.1 percent over the 2009 estimates of N176.656 billion within the same period.
A breakdown of the recurrent revenue shows that N24 billion is from statutory allocation, N160 billion  from derivation, N15.338 billion derives from internal generated revenue, N6 billion from Value Added Tax while N1.529 billion is secured from retained revenue from parastatals.
The 2010 recurrent expenditure of the state is put at N48.727 billion made up of N24. 339 billion for personnel costs and N13.014 billion for overhead costs; N11.374 billion is budgeted for consolidated revenue fund charges including pensions, gratuities and public debt.
The sum of N240.107 billion for the 2010 capital receipts and expenditure show a decrease of N0.612 billion as compared to the corresponding period of the revised figure of N240.719 in 2009.
However, the projected capital receipts indicate that N158.140 billion will be transferred from the consolidated revenue fund; opening balance from 2009  account N30 billion; Internal/External loans N40.349 billion; grants N1.750 billion; ecological fund N0.100billion and miscellaneous receipts N9.768 billion.
In the capital sectoral allocation, economic development  has the lion share of N74.830 billion or 31.2 percent; General Administration came second with N64.467 billion or 26.8 percent; Environment and Urban Development came third with N53.744 billion or 22.4 percent while Social got N47.066 billion or 19.6 percent.
The policy thrust of the 2010 budget is predicated on the completion of all on-going projects, improving basic infrastructures (power and transportation), development of human capital and enhancing services in education and healthcare aimed at improving the living standard of the people and creating employment opportunities.
In order to achieve the objectives of the budget, the state government has mapped out implementation strategies including attracting potential investors and donor agencies to participate in the relevant and key sectors of the state economy and human capital development.
Also, the state government plans to execute and commission more projects as defined in Akwa Ibom State Economic Empowerment and Development strategy (AK-SEEDSAK – VISION 2020) and sustain the ongoing economic reforms in conformity with the AK-SEEDS requirement.
Imploring the State House of Assembly to expeditiously consider and approve the budget,  Akpabio said he remains committed to the course of Akwa Ibom State project pointing out that the budget is intended to actualise collective dreams and aspirations in the state.
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