A PRESENTATION BY HONOURABLE COMMISSIONER, MINISTRY OF ECONOMIC DEVELOPMENT, MR. EMEM ALMOND BOB FOR ECONOMIC DEVELOPMENT ON POLICY THRUST AND IMPLEMENTATION STRATEGIES FOR 2023 STATE BUDGET PROPOSAL DURING PUBLIC HEARING ON 2023 APPROPRIATION BILL HOLDING AT THE STATE HOUSE OF ASSEMBLY ON 16TH NOVEMBER, 2022.
PROTOCOL
INTRODUCTION
Let me begin by thanking the Speaker and other principal officers of this 7th Assembly for the honour given me to do my presentation on the above subject. I really want to commend the efforts of the legislature in ensuring the timely passage of Appropriation Bills since the inception of the present administration. With this established trend in view, I am confident that the 2023 appropriation Bill will be passed into law before 31st December, 2022. Without hesitation, let me further commend the 7th Assembly for their concerted efforts in getting the 2023-2025 Medium Term Expenditure Framework/Fiscal Strategy Paper (MTEF/FSP) approved before the preparation of 2023 budget of the State. The 2023-2025 MTEF/FSP provided the framework and corollary for achieving realistic forecast and the expected discipline for 2023 budget. Thank God that all these efforts did not amount to an aberration, just few days ago, the State was denoted as the best SFTAS performing state in Nigeria, to God be the glory.
My short presentation is organized as follows:
1. The year 2023 Policy Thrust
2. Macroeconomic Framework/Assumptions for 2023 Budget
3. The year 2023 Budget Objectives.
4. The Implementation Strategies for 2023 Budget.
5. Conclusion.
1. THE YEAR 2023 POLICY THRUST
The policy thrust of the 2023 Budget will focus on consolidating the gains of the 8-Point Completion Agenda and these include: Industrialization, Education, Aviation Development, Rural and Riverine Area Development, Agriculture, Small and Medium Scale Enterprises, Infrastructure Expansion and Consolidation, Security and Human Capacity Development.
This is also to ensure inclusiveness in terms of employment, wealth creation, safe and habitable environment, productive welfare packages for the indigenes and improved service delivery in all aspects of government activities.
2. MACROECONOMIC FRAMEWORK/ASSUMPTIONS FOR 2023 BUDGET
The 2023 Budget is predicated on an oil benchmark of $70 per barrel at a production rate of 1.69 million barrels per day with an estimated exchange rate of ₦435.57/US$, in line with the National Budget benchmark projections.
The National GDP has been projected at 3.75 % growth rate with National inflation rate of 17.16 %. It is important to note also that the State inflation figure is below the national average. This is due to the State Government’s persistent intervention measures in the agriculture subsector to halt and reverse the rising cost of food commodities in Akwa Ibom State.
3. THE YEAR 2023 BUDGET OBJECTIVES
The Policy Objectives of the 2023 Budget include:
1. Stimulating the State’s economy and create opportunities of gainful employment through Industrialization, Agriculture including Air and Sea infrastructure.
2. Sustained growth through Rapid Industrialization and Job Creation, infrastructural investments, Roads, Sports, Tourism, Solar Power, Communication Technologies Aviation and Sea infrastructure.
3. Continued support for Small and Medium Scale Enterprises (SMEs) as the engine of our economy to encourage local capability in manufacturing and the use of our locally made products for domestic use exports.
4. Create jobs using labor intensive methods in key areas such as Agriculture, Housing, Inter-ministerial and Ministerial Direct Labor intervention, etc.
5. Amelioration of poverty among the vulnerable groups in our society including women, and people living with disabilities through pro-poor spending.
6. Economy Diversification to create more wealth, sustainable employment and food sufficiency.
7. Health and environmental safety to maintain a healthy population and also mitigate the adverse effect of climate change.
8. Pursue morally, culturally and technologically-based education to ensure that our human capital competes with their peers globally.
4. 2023 BUDGET IMPLEMENTATION STRATEGIES
To realize the year 2023 Budget objectives, the following strategies shall be adopted by the State Government:
* Partner with foreign investors to invest in the relevant and key sectors of the State economy and undertake robust human capital development.
* Widen the industrial base of the State through rapid industrialization and investment activities by providing enabling environment for the private sector to thrive. This is to enhance the availability of goods and services for domestic use as well as for export.
* Achieving at least 10% increase in IGR by eliminating evasion in payment, wastages and leakages in collection and expenditure and developing tourism potentials.
* Stimulate the Agricultural and Agro-allied industries to boost production of local farmers to ensure food sufficiency for local consumption, exports as well as the provision of raw materials for the industries.
* Expand and improve infrastructure and services in Health-Care Delivery at Primary and Secondary levels and to safeguard the State against any further public health emergencies after COVID-19 pandemic.
* Improve service delivery in the Education sector, with emphasis on culturally, morally and technologically based education.
* Continue to empower women and youth through capacity building, empowerment, skill acquisition and elimination of gender discrimination practices.
* Enhance delivery of qualitative and prompt service by public servants, through effective intra and inter MDAs collaboration.
* Provide recreational and sporting facilities to increase life expectancy, boost sports development and ensure improved performance of the State representatives at Local, National and International sporting competitions.
* Strengthen performance monitoring mechanism with central coordinating unit at the Ministry of Economic Development.
* Improve fiscal transparency and accountability in all MDAs with emphasis on cost effectiveness in all programs and projects of government.
* Adopt the principles of cost minimization and waste reduction in all government expenditure.
* Promotion of cultural and sports tourism to earn more foreign exchange for Akwa Ibom State.
5. CONCLUSION
As already stated by His Excellency, the Governor, the 2023 Budget is christened “The Budget of Completion”. It takes into consideration all necessary measures that will be required for completion of key Government projects before handing over in May, 2023. Being prepared against the back drop of vicious Russia-Ukraine war, the Covid-19 resurgence globally, global stagflation, International trade fragmentation, global cost of living and energy crisis, the proposed 2023 Budget is set out to stabilize the State economy in the event of the foregoing economic turbulence.
Thank you for listening and God bless.
