Ayade Signs 2022 Appropriation Bill Into Law, Says Budget Will Ensure Industries Take-off

In Breaking News, Business & Economy, Reports

By CrossRiverWatch Admin

Cross River State Governor, Sen. Ben Ayade has signed the State’s 2022 appropriation bill into law.

Speaking at the signing ceremony held at the State Executive Council Chamber of the Governor’s Office, Calabar Municipality, the Governor said the N354.55 billion budget will ensure that products and services from the industries built by his administration become available in the market.

“Most of the industries we started have all been completed. This budget is, therefore, aimed at getting the products from these industries into the market in quick and agglutinated succession.” He stated.

Justifying his administration’s budgeting style, Ayade said: “Our administration was fully aware that a budget in a developing economy could not be an envelope budget because you budget to your dream, vision and aspiration.

“Any budget that is limited to what you can earn does not belong to the third world developing economies. It is only the economy that has matured, stabilized and fermented that could have enveloped budgeting.”

Cross River State, he said, “has a budget of N354, 505 billion. This is not a small figure, but indeed it is still a small figure relative to the vision our administration envisioned for the State and is the last budget of a full year implementation.

“So it is not so much about the size of your budget, but much more about the size of your ambition and your commitment. It is about the journey you set for yourself and how you want to arrive at your destination.”

The Governor commended the Speaker and members of the State House of Assembly. He said, “the figure is a major departure from the earlier figure presented to the House of Assembly for consideration. And the Speaker of the House has gone ahead to give strong reasons for the House’s adjustments to the original budget as then presented. That indeed, shows clearly that the legislature is alive to its responsibility as a clearing house.”

He added that, “I want to sincerely thank the House for discovering some of the gaps in the budget. I must add that what the Executive submitted, were estimates in the sense that the real power of appropriation lies with the House of Assembly. The oversight function of the House derives its power from the Appropriation law. And that law is the sole responsibility of the House.”

The 2022 budget has N225,746,261,604.98 billion representing 64% as capital expenditure and N128,759,273,708.27 billion representing 36% as recurrent.

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