I am pleased to stand before you in this Hallowed Chamber, as I have religiously done in the last six years, to present the Budget Estimates for the Fiscal Year 2022 rightly christened as the Budget of “Re-Defining Standards” for your kind consideration and approval as required by the Constitution.

Mr. Speaker, Distinguished Honourable Members, before I delve into the issues of the day, I wish to commend your passion, commitment and tireless efforts in approving the 2022-2024 Medium Term Expenditure Framework (MTEF) the Fiscal Strategy Paper (FSP) and the passage of the 2021 Revised (Supplementary) Appropriation Bill in response to the exigencies arising from our deep and abiding commitment to lift further the needle of development of our dear State and in the process, continue to change the narratives and trajectories of our growth and development.

You have proven yourselves as dependable partners in the Boardroom of the Akwa Ibom Enterprise. You have also worked collaboratively with the Executive Arm and infact, the Judiciary too, putting aside personal or group interest for the common good of our people. We have enjoyed robust working relationships, while respecting the Constitutional boundaries as enshrined in the Principle of Separation of Power.

I know we, in the Executive Arm can always count on you to rise gallantly in defense of the larger Akwa Ibom interest and do all that is proper and necessary to advance our growth and development. I want to thank you for this show of amity and concord.

Before I go further with my presentation, permit me to give honor to whom honor is due: Our ONLY GOD, who has watched over us, in the past six plus years, lifting us up when there was a casting down, showing His Invisible Hands when economic uncertainties stared us in the face, and ensuring that His peace reigned over this State. We know and trust that, That Same God, will continue to stand by us and direct our paths as we dig deeper in the task of nourishing the soil of prosperity and growth that this Budget Estimates will engender.

Permit me also, to thank the good people of Akwa Ibom State for their steadfast support and prayers and for helping maintain the peace and spirit of brotherhood. We will continue to work twice as hard to ensure that we secure our future prosperity today, through investments in productive sectors of our economy for sustainable growth and development.

Despite the gloomy economic outlook, this administration has been able to achieve a lot across sectors in line with our initial Five Point Agenda, currently enlarged in our Completion Agenda. Even the naysayers will admit we have done well. Without going over all that we have achieved together, let me mention just a few:

 The establishment of more than 20 viable industries in the State; with more earmarked for the new Fiscal Calendar. We were able to do this, even with the Covid-19 downturn in global economy.

 The increase in the fleet of Ibom Air with two brand new Airbuses A-200-300 Series. We hope to increase the fleet by God’s grace next year.
 On-going Construction of the International Terminal and Improvement of facilities at Victor Attah International Airport; on-going work on the MRO, on-going construction on the Taxi way

 Completion and successful commissioning of the 21-Storey Dakkada Tower, by the Vice President, Professor Yemi Osinbajo SAN, GCON
 85% completion of Ring Road 3;
 90 percent completion of the Coconut Refinery
 Inauguration of Ikot Oku Ikono one-kilometer flyover;
 70% completion of Ikot Oku Ikono/Etinan/Eket dualized road;
 Improvement of facilities at Ibom Specialist Hospital; and the completion and successful commissioning of the Ikot Ekpene General Hospital by former President, Dr. Goodluck Ebele Jonathan GCFR.

 Completion and successful commissioning of the Uyo-Ikot Ekpene Road by the President of the Nigerian Senate, Dr, Ahmed Lawan
 Secured approval for the development of Ibom Deep Seaport
 Commissioning of Market Square at Ibom Tropicana Building;

 Reconstruction and equipping of the Ikot Okoro General Hospital, Leprosy Hospital, Ekpene Obom; General Hospitals in Etinan, Eket, Iquita, Oron, Ituk Mbang, Awa, etc.;

 Construction of ultra-modern COVID-19 Isolation Centre; complete with oxygen plant.
 Reconstruction and equipping of Primary and secondary Schools blocs through SUBEB.

 Recruitment of one thousand teachers for secondary schools and we are in the process of recruiting another one thousand teachers for Primary schools
 Regular payment of salaries to public servants, pensions and gratuities to retired public servants to ensure their welfare is not compromised.
 We remain committed to completing major projects as contained in the Completion Agenda, to the best of the finances available.


Mr. Speaker, a total of ₦456.25 billion was approved for 2021 Fiscal Year with a total recurrent expenditure of ₦214.80 billion and the capital votes of ₦241.450 billion. In October 2021, the Budget was revised upward with a new total Budget size of ₦598,975,209,000 representing 31.3% increase. The breakdown is as follows:

i) Recurrent Expenditure – ₦254,101,917,250
ii) Capital Expenditure – ₦344,873,291,750
TOTAL – ₦598,975,209,000

As at September, 2021, the total recurrent revenue collected was N138.338 billion representing 71% of the prorated approved provision for the period (January – September). The sum of N207.083 billion was realized from other capital Receipts excluding recurrent surplus. This represents 81% of the prorated approved provision for the period.

With respect to expenditure, a total of N126.263 billion was spent on Recurrent Services representing 66% of the prorated provision for the period.

A total of N128.756 billion was spent on Capital programmes within the same period which represents 50 percent of the prorated provision for the period. Our Capital Budget Expenditure is described in Details in the Budget Implementation Report, which has been prepared to facilitate your consideration of the Draft 2022 Budget.

Operating within the framework of the approved revised budget and the limits of available resources, we have been able to record remarkable achievements in our industrialization drive, in health care delivery, aviation development, agriculture, education, road infrastructure and others etc. we have consolidated on the gains of democratic governance and expanded the frontiers of development across all sectors.

Mr. Speaker and Honourable Members, the 2022 Budget is prepared in accordance with International Public Accounting standard (IPSAS) Accrual template. Our intention is to roll out a manageable budget size that will help in closing the gap between the budgeted figures and the actual figures. In the course of preparing the year 2022 budget efficient costing tools such as Cost Benefit analysis, Cost effectiveness analysis and elasticity methods including moving averages were deployed.

Mr. Speaker and Honourable Members, the 2021 Budget was named the “Budget of Economic Reconstruction” because it was tailored to bring the economy out of COVID-19 induced depression which brought about decreased Wages, low Productivity, and general economic downturn.

Mr. Speaker, the 2022 Budget is christened the “Budget of Re-defining Standards”. Our intention here is to take stock of our achievements in the past six and half years and consolidate the gains of our achievements thus far, for sustainable expansion and growth.

Mr. Speaker, the Policy Objectives of the 2022 Budget include:

(a) Stimulation of the State’s economy with a view to creating more opportunities for gainful employment of our citizens through Industrialization and Agriculture.

(b) Economic growth and job-generating infrastructural investments in roads, bridges, Renewable Energy and communication technologies.

(c) Promotion of Small and Medium Scale Enterprises (SMEs) as well as enhancement of local capacities in manufacturing and use of “made in Akwa Ibom” goods and services to create jobs and achieve self-sufficiency in critical sectors of the State’s economy.

(d) Creation of jobs using labour-intensive methods in key areas including Aviation, Agriculture, Facility Maintenance, Housing, Inter-ministerial and Ministerial Direct Labour interventions.

(e) Continuation and enhancement of the pro-poor stimulus packages to the poor and vulnerable groups.

(f) Economy Diversification, Environmental Safety, Wealth Creation, Food Sufficiency, Health and Social Security.

Other specific objectives include:
(g) To employ ICT, Science and Technology as a tool for employment generation and wealth creation.

(h) To increase the Internally Generated Revenue (IGR) of the State by expanding and diversifying the State’s resource base.

(i) To aggressively pursue the development of other internal revenue generating sources in the State, in Maritime, Coastal and Inland Water Ways, harnessing revenue on landed properties and others.

(j) To commence the construction of Ibom Deep Seaport and development of the Ibom Industrial City to complement Government efforts in the creation of enduring structures for employment generation, wealth creation and increased IGR.

(k) To complete the Cargo and Maintenance, Repairs and Overhauling (MRO) facility of Ibom International Airport, as a way of pursuing increased foreign exchange revenue from airplane maintenance and other aviation services.

(l) To encourage the expansion of Ibom Air, with additional aircrafts to its fleet and the expansion of routes.

(m) To improve agricultural output and ensure food sufficiency through the supply of improved agricultural inputs, credits and extension services.

(n) To provide adequate and modern health care facilities across the State and sound health care Policies to guarantee effectiveness in health care services in the State.

(o) To promote Agriculture to achieve food sufficiency and employment in the State.

(p) To intensify effort to curtail the impact of Climate Change through erosion control, tree planting and other viable measures.


Mr. Speaker, the policy thrust of the 2022 Budget will focus on 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 comprehensive Economic Agenda cut across all aspects of Sustainable Development Goals (SDGs). We intend to achieve a sizeable number of the SDGs targets as we implement the 2022 budget. The main thrust, however of the 2022 Budget is t to create more jobs for our people.


The 2022 Budget is predicated on an oil benchmark of $57 per barrel at a production rate of 1.88 million barrels per day with an estimated exchange rate of ₦410.15/US$, in line with the National Budget benchmark projections.

The National GDP has been projected at 4.2% growth rate with National inflation rate of 13%. 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.


Government has proposed a total budgetary outlay of N582.115 billion for the 2022 Financial Year as against the approved revised provision of N598.975 of 2021 representing a decrease from the 2021 revised budget.
This is made up of:
Recurrent Expenditure – N260.151 billion
Capital Expenditure – ₦321.964 billion
Total – ₦582.115 billion

The total projected Recurrent Revenue for 2022 is estimated at ₦273.854 billion as against the approved revised provision of ₦260.003 billion representing 5% increase in revenue projection for the year 2022.

For the 2022 Fiscal Year, Recurrent Expenditure which is proposed at ₦260.151 billion is made up of:
i.) Personnel Cost – ₦70.583 billion
ii.) Overhead Cost – ₦117.668 billion
iii.) Social contribution & Benefit – ₦20.500 billion
iv.) Grant, Contribution & Subsidies – ₦1.200 billion
v.) Public Debt Service – ₦50.200 billion
Total Recurrent Expenditure – ₦260.151 billion

The total Capital Receipts and Expenditure for the year 2022 is estimated at N321.964 billion as against the approved revised provision of N344.873 billion for 2021. A total projected Capital Receipts shows that N13.703 billion will be transferred from the Consolidated Revenue Fund, while the balance of N308.261 billion is to be realized as follows:

i.) Opening Balance from 2021 account – ₦26.000 billion
ii.) Direct Credit Substitute/Receivable
Discounting facility – ₦60.000 billion
iii.) External Bank Loan – ₦3.990 billion
iv.) Grants – ₦24.168 billion
v.) Ecological Fund – ₦25.000 billion
vi.) Reimbursement from Federal Govt. on Roads – ₦15.000 billion
vii.) Investment Income – ₦0.200 billion
viii.) Other exceptional Income – ₦15.000 billion
ix.) Stabilization Account – ₦1.000 billion
x.) Refunds from Federal Govt/Federation Account – ₦137.903 billion
Total – ₦308.261 billion

The sectoral allocation of the total budget outlay of N582.115 billion for the year 2022 is presented as follows:

1 Administration
132.565 22.8
2 Economic
347.349 59.7
3 Law and Justice
10.378 1.8
4 Regional
1.991 0.3
5 Social
89.832 15.4
Total 582.115 100.0

Mr. Speaker, the intention of the Economic Inclusion Agenda is to allow money to trickle down to majority of homes, families and households in the State. Already, we have created valuable job opportunities through various programmes of Government in the Ministries of Agriculture, Education, Environment, Special Duties, Works, My entrepreneurial Goal Programme (MEGP), government supported industries and in the newly Aviation subsector of the State’s economy. However, Government will inject young and able hands into the State Civil Service in the year 2022 to put in place a more robust succession plan in the service and reduce the pressure on the state’s labour market.

Education, as a key component of the Human Capital Development will be pursued with utmost vigor which is the reason we recently recruited over 1000 teachers into System. It also bears repeating that education at the Primary and Secondary levels is free and compulsory. Our children must be made ready to avail themselves of the opportunities provided by the State government to ensure that every child in the household is educated. As a matter of strategic calculations, we subscribe to a technology-based education which has the capabilities to create jobs, align our children with the needs of the 21st Century technology driven economy, wealth creation and to promote industrialization. Cultism is primitive, barbaric and criminal; thus Government has zero tolerance for such anti-social tendencies.

Accordingly, Government will spare no efforts to eliminate cult activities in our primary and secondary schools. In furtherance of our action, all schools will be directed to set up a Comprehensive Security System (CSS) that will comprise members of the Parents – Teachers Association (PTA), the host communities and the police, to address the emerging security challenges in our schools. We must provide a convenient environment for the law-abiding students to learn. Any teacher found to engage or give a nod and a wink to cultism will be dismissed and prosecuted forthwith. Government will continue to improve facilities in all State-owned tertiary institutions in the year 2022.

The Civil Service will be re-orientated along the lines of customer-client relationship to be resilient, proactive and highly productive. Accordingly, all Permanent Secretaries will be directed to develop intra and inter MDAs collaboration mechanism to improve work performance in the year 2022. Opportunities will be given to our young graduates to serve in the Civil Service. Furthermore, the entire Civil Service will be computerized with the best ICT facilities in the world.

Health is both a goal of development and a means to achieve the goals of higher productivity. More resources will be allocated in the year 2022 for further expansion of the primary, secondary and tertiary healthcare facilities as well as the training of our medical personnel. We will invest more in the provision of vaccines against the Delta variant of COVID-19; provide more public health facilities for ease of access to healthcare. Government will also continue to encourage Research and Development in the health sector in the year 2022. Henceforth, the training of paramedics and other health workers particularly Nurses and midwives will be done centrally in a collegiate system. We will provide resources to fight all forms of communicable and infectious diseases that erode the quality of lives of our people.

Our infrastructural renaissance will continue to receive critical attention. I have always said, for development anchored on Industrialization to take roots, we must invest heavily in Land, Air and Sea infrastructure. You will agree with me that we have achieved a lot in these subsectors as can be seen from the economically viable dualized roads we have constructed throughout the three senatorial districts. We will ensure that we complete our critical infrastructure as contained and outlined in the Completion Agenda.

We will spare no efforts in ensuring that our State continues to enjoy the peace and development that we are nationally known for. Our security agencies have been great partners in this regard and we hope to continue to work hand in gloves to protect the lives and property of our citizens and, thus help attract more investors and tourists to our dear State.

We will continue to encourage the development of our rural and riverine areas so as to stem the rural-urban migration through the provision of electricity, feeder roads and the promotion of mechanized agriculture.

Agriculture will continue to take center stage in the implementation of 2022 Budget. This is to support our economic diversification policy through adequate provision of incentives to attract private investment in Agriculture, raise productivity and value addition capacity of the sector, commoditizing the different produce, including food crops, cash crops, livestock, fisheries and other marine resources; creating a sustainable linkage to other sectors especially in the area of hydrocarbons and deepening of stakeholders involvement in the exploration of abundant rural resources for the economic benefits of all, including women, youth and other vulnerable groups. Indeed, we will continue to supply farm implements and other resources to women to support women in Agriculture.

Mr. Speaker, in the area of sports facilities; Government has provided funds in the year 2022 Budget to improve sports facilities in the State; strengthen youth development centers across the State, encourage private sector involvement in youths and sports development and provide sports facilities and other incentives to all sportsmen who demonstrate adequate capabilities. We will continue to support our football clubs in the Nigerian Professional League. We salute Akwa United for winning the 2020 Nigerian Professional Football league.

Our Air infrastructure-Ibom Air, today, is the pride of the Nation. Our goal in the aviation business is to be the best in Africa and ultimately one of the best in the world. Accordingly, Ibom Air has placed an order for the supply of 10 No. brand new Airbus (A220-300) series for delivery in 2022 and 2023 respectively. By this arrangement, the airline is fostering a long term partnership with the Airbus, the manufacturers of the planes and an announcement is expected at the Dubai Air Show in Nov. 2021. Also in 2022, Ibom Air will commence international flight in West Africa.

Other activities at the Airport in the year 2022 will include; Construction of Hanger floor and completion of back of house facilities of the MRO at the Victor Attah International Airport. Provision has been made in the 2022 Budget to complete the Power Station and Taxi Way with Apron at the Airport.

In the year 2022, Government will devote resources to this subsector and improve facilities in designated tourist centers in the State. Furthermore, Hotels Management and Tourism Board will be directed to commence immediate identification, grading and registration of all hotels in Akwa Ibom State. Accordingly, the Board will work to enforce compliance to standards by all hotels management in the State. This is to ensure safety of customers and visitors to the State.

Micro, Small and Medium Enterprises (MSMEs) constitute the engine of growth of any economy anywhere in the world. The 2022 Budget is a consolidation of the 2021 Budget with greater emphasis on the clustering of Micro, Small and Medium Enterprises (MSMEs) for greater efficiency and effectiveness. This informs the provision for the establishment of clusters village for different vocations including ICT, craftsmen, footwear producers, textile production, designing and woodworks. To strengthen the MSMEs post COVID 19, the Ministry of Trade and Investment will implement the World Bank supported activities and interventions under N-CARES programme in the State.

 To realize the year 2022 Budget objectives, the following strategies shall be adopted by the State Government:

 Attract potential investors and donor agencies to invest in the relevant and key sectors of the State economy and undertake robust human capital development.

 Strengthen the industrial base of the State through the acceleration of industrialization and investment activities by providing enabling environment for the private sector to thrive. This will lead to the production of enough goods and services for domestic use as well as for export.

 Improving on 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.

 Improve service delivery in the Educational sector, with emphasis on science and technology, as well as information and communication technology.

 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 servant, 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 and Ibom Deep Seaport.

 Improving fiscal transparency and accountability in all MDAs with emphasis on cost effectiveness in all programmes and projects of government.

 Adopt the principles of cost minimization and waste reduction in all government activities.

Mr. Speaker and Honourable Members let me again thank you for this great honour you have accorded me today in this Hallowed Chamber. Before I end my address, let me reiterate that the thrust of the year 2022 Budget is to address our basic economic problems that I have mentioned earlier such as the unemployment of our graduates and the provision of other social or soft infrastructure. We will tackle unemployment situation in the State in a holistic manner. The 2022 Budget of Re-Defining Standards, will again, devote sufficient attention to Education, Health, Technology and Agriculture as these are the important drivers of our economy.

Mr. Speaker and Honourable members, like I have said, there is no going back on our 8-Point Completion Agenda of this administration. It is incumbent on us that, we strive with every available resources to deliver on these mandates and bequeath to the people enduring legacies that will transcend time and history.

Mr. Speaker, and Honourable Members of this House, it was Pope Francis who in one of his speeches made reference to a key element of governance which I find aptly reflective and sums up the governing ideals of this Government. ”everyman, every woman who has to take up the service of government, must ask themselves two questions: Do I love my people in order to serve them better? Am I humble and do I listen to diverse opinion in order to choose the best path”? This same aspect was reiterated by the Indian Prime Minister, Narendra Modi, who was also quoted to have said that ”mere good governance is not enough. It has to be pro-people and proactive. Good governance is about putting people at the center of development process”.

Mr. Speaker, and Honorable Members of this House, I believe, together, and in one accord, de-emphasizing our personal interests, we have shown the world that we love our people. We have utilized the lean resources available to impact lives, erect lasting infrastructure, expand our industrial and productive base, attract economically viable industries to our State, ensure our people live in relative peace and harmony and above all, put God at the center of our governance agenda.

We came to serve our people diligently and I am sure, when the history of this great State shall be written, your names would be etched in gold as partners of the Executive Arm that saw beyond what other saw.

I therefore request you to expeditiously approve and pass the 2022 Budget of Re-Defining Standards, so that the Akwa Ibom story which has become a national story, earning the appellation of Nigeria’s Best Kept Secret, will continue to be told and chronicled in enchanting prose and verses.

Thank you and God bless you all.
Akwa Ibom dakkada, Ami mme dakka nda.

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