By Chioma Onuegbu & Dennis Udoma
Uyo—GOVERNOR Udom Emmanuel of Akwa Ibom State has proposed a budgetary outlay of N365.251 billion for the 2017 fiscal year.
Emmanuel presented the 2017 budget proposal to the state House of Assembly yesterday, for consideration and approval.
He said that the 2017 budget is christened “Budget of consolidation.’
He said: “Government has proposed a total budgetary outlay of N365.251 billion for the 2017 fiscal year as against N423 billion for 2016.
“This is made up of N88.425billion for recurrent expenditure, N193.956billion for capital expenditure and N82.870billion as Consolidated Revenue Fund charges.
“The 2017 budget is predicated on an oil benchmark of $35 per barrel at a production rate of one million barrels per day.
“The price benchmark envisioned here is based on the current decline in global price of crude oil.
“And the production level which is below OPEC quota could serve a dual purpose: to accommodate disruptions in local production and further inherent decline in global price of crude oil.”
He urged the House to expeditiously consider and approve the 2017 budget proposal.