GOV.UDOM PRESENT A BUDGET OF N651.500 BILLION (THE HIGHEST IN STATE HISTORY) FOR 2018 TO THE STATE HOUSE OF ASSEMBLY - CALIPHATE MEDIA

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Sunday, 26 November 2017

GOV.UDOM PRESENT A BUDGET OF N651.500 BILLION (THE HIGHEST IN STATE HISTORY) FOR 2018 TO THE STATE HOUSE OF ASSEMBLY


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Gov. Udom Presenting 2018 Budget



Governor Udom Emmanuel of Akwa Ibom State on Friday presented the 2018 State Budget christened “the Budget of Consolidation on Industrialization” at the State House of Assembly complex
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.
 
BUDGET SIZE:
The State Government led by Deacon Udom Emmanuel has proposed a total budgetary outlay of N651.500 billion for the 2018 financial year as against the approved revised provision of N485.792 billion of 2017.
This is made up of:
Recurrent Expenditure
- N 92.697 billion
Capital Expenditure - N437.674 billion
Consolidated Revenue Fund Charges - N120.859 billion
Total - N651.500 billion
 
REVENUE:
The total projected Recurrent Revenue for 2018 is estimated at N289.000 billion as against the approved revised provision of N188.500 billion for 2017. The breakdown is as follows:
Internally Generated Revenue (IGR) - N 35.496 billion.

Statutory Allocation - N 25.000 billion
Derivation Fund - N200.800 billion
Retained Revenue from Parastatals
- N 2.504 billion 
Value Added Tax (VAT)
- N 12.000 billion
Budget Support - N 13.200 billion
Total - N289.000 billion

RECURRENT EXPENDITURE:
For the 2018 Fiscal Year, Recurrent Expenditure is proposed at N213.826 billion, made up of:

Personnel Costs - N 53.138 billion
Overhead Costs - N 39.829 billion
Consolidated Revenue Fund Charges
- N120.859 billion
(including pensions, gratuities and public debts.)
Total - N213.826 billion

CAPITAL EXPENDITURE:
The total Capital Receipts and Expenditure for the year 2018 is estimated at N437.674 billion as against the approved revised provision of N313.498 billion for 2017. A total projected capital receipts shows that N75.174 billion will be transferred from the consolidated revenue fund while the balance of N362.500 billion is to be realized as follows:
 
Opening Balance from 2017 account - N 10.000 billion 
Internal/External Loans
- N105.000 billion
Grants - N120.000 billion
Ecological Funds - N 26.500 billion 
Re-imbursement from Federal
Government on Road and other Infrastructure
- N 65.000 billion
Investment Income
- N 1.000 billion
Refunds from Excess Loan Deduction and
other Exceptional Income
- N 35.000 billion

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Gov.Udom with His Finance TEAM

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