The Akwa Ibom State Government is to embark on a social investment and poverty alleviation programme with cash transfers to the less privileged.
Governor Udom Emmanuel made this known when he presented the 2023 budget estimates of N697b to the state legislature.
According to Governor Udom Emmanuel, the 2023 budget estimates of N697b christened budget of completion is predicated on an oil benchmark of $70 per barrel, a production capacity of 1.69 barrels per day and an exchange rate of N435 to one United States Dollar.
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Of the total outlay, N353b is for capital expenditure while N344b is earmarked for recurrent expenditure.
A major highlight of the budget speech was the announcement of the establishment of a social investment and poverty alleviation program
The Governor said the policy objectives of the 2023 estimates include stimulating the state economy and creating opportunities for gainful employment through industrialization and agriculture.
Education is allocated N50b, health N30b with the establishment of a state health insurance scheme and agriculture N15b.
The 2023 estimate is an increase of 10% from the 2022 budget.
Editor: Ebuwa Omo-Osagie
