Governor Ben Ayade of Cross River on Monday in Calabar presented a proposed budget of N350 billion for the 2016 fiscal year to the state House of Assembly.
A total of N294.58 billion, representing 84 per cent of the budget is for capital expenditure, while N55.41billion, representing 16 per cent, is earmarked for recurrent services.
Ayade said the increase in the budget size from N149.44 billion in 2015 to N350 billion in 2016 was due to funds from Foreign Direct Investment.
According to him, N53.44 billion of the budget will be committed to regional development and N53.009 billion for social services.
A breakdown of the budget shows that under recurrent revenue, N43.20 billion will come from federal sources, Capital Receipt; N284.44 billion, Personal cost; N27.31 billion.
Ayade said that the budget tagged ‘’Budget of Deep Vision’’ would give priority to the economic sector in the state.
“We have created 12 new ministries to help drive the much economic vitality of the state to a first class state. We also hope that these new ministries would create jobs for our teeming unemployed youths in the state.We are aware of the financial challenges before the state, but we must explore other means of generating revenue rather than depend solely on federal allocation. The 2016 budget of N350 billion would improve the economic status of the state and also improve on the welfare of all Cross Riverians,’’ he said.
The governor said that the state would continue to collaborate with the private sector and donor agencies to enhance development in rural and urban areas.
Earlier, Mr John Gaul-Lebo, Speaker of the assembly, commended Ayade for initiating the 260 kilometre super highway, flagged-off by President Muhammadu Buhari.
Gaul-Lebo said that the road, when completed, would attract more investors to the state, thus improving its revenue profile.
According to him, the assembly has passed nine bills since its inauguration in June.
He assured the governor of the assembly’s continued support for the economic and political growth of the state.
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