AKWA Ibom State governor, Chief Godswill Akpabio, Tuesday, presented  a budetary allocation of  N397.141 billion for 2012 financial year to the State House of Assembly for consideration and approval.

This came against the backdrop of N419.785 billion budgeted for this financial year by the state government.

Governor Akpabio said, while presenting the budget, that of the amount, N66.244 billion is for Recurrent Expenditure while N330. 897 billion goes for Capital Expenditure.

He noted that the projected recurrent revenue for next year is put at N263.777 billion representing a decrease of N12.817 billion or five per cent compared with N276.595 billion of 2011 corresponding revised estimates.

A breakdown, according to him, showed that Internally Generated Revenue has N21.646 billion, Statutory Allocation – N36 billion, Derivation- N200.132 billion, while N6 billion would accrue from Value Added Tax (VAT).

He said: “For 2012 fiscal year, Recurrent Expenditure is estimated at N66.244 billion made up of N33.286 billion for Personnel Cost and N19.855 billion for Overhead Cost and N13.103 billion for Consolidated Revenue Fund charges including gratuities and public debt.

The total capital receipts and expenditure for 2012 is estimated at N330. 897 billion as against the corresponding revised figure of N360.222 billion for 2011, a decrease of N29.325 billion or eight per cent.

“The breakdown of the projected capital receipts shows that N197.533 billion will be transferred from the consolidated revenue fund charges while the balance of N133.364 billion is to realized from Opening balance from account- N21billion; Internal/External Loans – N65 billion; Grants- N2 billion; Ecological Funds- N0.100 billion and Miscellaneous- N45.264 billion.

Sectoral allocation of the total estimated capital expenditure outlay of N330.897 billion for next year shows that Economic Sector has N154.007 billion or 46. 6 per cent; Social Services- N60.631 billion or 18.3 per cent; Environmental and Urban Development- N63.621 billion or 19.2 per cent and General Administration- N52.638 billion or 15.9 per cent.”

Governor Akpabio said the budget seeks to maintain and build on the gains of 2011 and stressed government’s readiness to sustain its partnership with foreign investors to accelerate the state industrialization policy.

Earlier, the Speaker of the state House of Assembly, Mr. Sam Ikon had commended the state Governor for his uncommon transformation of the state and hoped this year’s budget would help to implement most of the government’s unfinished business for this year.