The Akwa Ibom State Governor, Godswill Akpabio, has proposed a total budget of 462 billion Naira for the 2015 fiscal year as against 498.54 billion Naira approved for 2014.

A breakdown of the estimates shows that of the amount, 94.74 billion Naira is for recurrent expenditure as against 74.24 billion Naira approved for 2014. A total of 253 billion Naira is for capital expenditure as against 333 billion Naira for 2014.

Governor Akpabio said the budget tagged “budget of actualisation and continuity” is based on the International public sector accounting standards (IPSAS) and had as its policy thrust the completion of on-going projects and initiation of new ones.

Akpabio also explained that the estimates were based on a benchmark of 55 dollars per barrel at a production rate of 1.5 million barrels of crude oil per day considering current gyration in global oil price.

A further analysis of the estimates showed that the total projected revenue for 2015 was 394 billion Naira as against 444.16 billion for 2014.

The Governor assured the citizens of the state that his administration would continue to remain committed to the welfare of the generality of the masses in the remaining months of its tenure.