By Aplefe Ojong
Cross River State is to spend a total of one hundred and forty-nine billion, four hundred and forty-one million, six hundred and eighty-one thousand, eight hundred and twenty-one naira and two kobo in the 2015 fiscal year.
The appropriation bill christened “Budget of Transition”, presented to the Cross River State House of Assembly by the state Governor, Senator Liyel Imoke, last night, indicates that the 2015 budget estimate decreased by N26.87Billion from this year’s budget.
N91,139,347,806.24 representing 60 percent of the total budget estimate shall be committed to capital development while N58,303,334,014.78 representing 40 percent of the appropriation is expected to service recurrent bills.
A breakdown of the budget shows that under the recurrent revenue, Internal Sources is put at N25,546,053.00; Federal Sources at N43,051,031,114.00, while Capital Receipts is put at N80,845,615,053.02.
Recurrent Expenditure made up of the following: Personnel Cost of N24,974,329,536.98; Overhead Expenditure, N16,187,160,047.55, while Statutory Expenditure is projected at N17,141,844,430.25.
In his budget speech, Senator Imoke assured that his administration shall leverage on revenue sources to boost the tourism and the agricultural sectors for which the state is reputed, with emphasis on value chain as well as create a conducive platform for the growth of Foreign Direct Investment ( FDI) Portfolio in all sectors of the state’s economy.
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