Ayade Presents 350 Billion 2016 Budget To State Assembly, Assures Of Actualizing His Dreams

In Breaking News, Business & Economy, National News, Politics, Reports

By Archibong Jeremiah, House Of Assembly Correspondent

Governor Ayade presenting the 2016 budget to the Assembly this morning
Governor Ayade presenting the 2016 budget to the Assembly this morning

The Cross River State Governor, Senator Ben Ayade this morning presented the 2016 appropriation proposal to the State House of Assembly.

While presenting the budget, Ayade called it “Budget of Deep Vision” maintaining that “I inherited a rich State”.

According to the Governor, the budget is structured on a deliberate principle of capital/recurrent budget ration of 72%:28%.

“The opinion of this ration is that while the State is industrialized and developed the individuals will also feel the impact of governance.

“Consequently we have proposed a budget size of 350, 000,000,000.00 (three hundred and fifty billion naira) only.

“This represents an increase of 222,147,546,485.00 (Two hundred and twenty-four billion, one hundred and forty-seven million, five hundred and forty-six thousand, four hundred and eighty-five naira) only or 273.7%.

According to the breakdown of the figures, “Recurrent Revenue: Internal Source: N22,353,122,650.00 (Twenty-four billion, three hundred and fifty-three million, one hundred and twenty-two thousand, six hundred and fifty naira) only. Federal Sources: 43, 200, 730, 000.00 (Forty-three billion, two million, seven hundred and thirty thousand naira) only.

Capital receipts: 284,446,147,350.00 (two hundred and eighty-four billion, four hundred and forty-six million, one hundred and forty-seven thousand, three hundred and fifty) naira only.

Personal cost: 27,319,642,401.00 (twenty-seven billion, three hundred and nineteen million, six hundred and forty-two thousand, four hundred and one) naira only.

“Overhead Cost: N 13,842,254,841.00 (Thirteen billion, eight hundred and forty-two million, two hundred and fifty-four thousand, eight hundred and forty-one naira) only. Statutory Expenditure: N 14,252,443,841.00 (Fourteen billion, two hundred and fifty-two million, four hundred and forty-three thousand, eight hundred and forty-one naira) only”.

In addition, he elaborated on the sector specific budgetary allocation as follows: Economic: Total Recurrent Expenditure (N 14,867,064,396.00), Capital Expenditure (N 164,860,766,008.00), Total Budget (N 179,727,830,404.00) and Percentage (51.41%).

Social Services: Total Recurrent Expenditure (N 19,132,554,115.00), Capital Expenditure (N 33,876,739,914.00), Total Budget (N 53,009,294,029.00) and Percentage (15.21%).

Regional Development: Total Recurrent Expenditure (N 2,546,477,919.00), Capital Expenditure (N 50,897,097,853.00), total budget (N 53,443,575,772.00) and Percentage (15.31%).

General Administration: Total Recurrent Expenditure (N 18,868,244,212.00), Capital Expenditure (N 44,351,055,573.00), Total Budget (N 63,219,299,785.00) and Percentage (18.1%).

Total Outflow: Total Recurrent Expenditure (N 55,414,340,642.00), Capital Expenditure (N 294,585,659,358.00), Total Budget (N 350,000,000,000.00) and Percentage (100%).

Concluding, Governor Ayade asserted that “Despite the challenging financial and economic variables at this inauspicious times, let me assure you that we are not deterred from making our Deep Vision practicable and realistic”.

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